Celsius Network Confirms, Altcoins Can Be Now Converted to BTC or ETH

The plan by bankrupt cryptocurrency lender Celsius Network to exchange its altcoins for Bitcoin and Ether has been granted by the United States Bankruptcy Court for the Southern District of New York.

Celsius Network Confirms, Altcoins Can Be Now Converted to BTC or ETH

Following discussions between Celsius and the SEC, the proposal was formally accepted. According to the decision of bankruptcy judge Martin Glenn, the struggling lender may:

Sell or convert any cryptocurrency assets, excluding tokens associated with Withhold or Custody accounts, into BTC or ETH starting from July 1, 2023.

After Judge Martin Glenn’s ruling, it is believed that the liquidations will pave the way for the distribution of funds to creditors in the near future.

Celsius Left Users Waiting After Bankruptcy

After the Terra ecosystem and its Terra (LUNA) and TerraUSD (UST) tokens collapsed in 2022, Celsius faced bankruptcy and has left its creditors waiting for a settlement. Despite the bankruptcy filing being made months ago, the current verdict has delayed the process and opened up further opportunities.

Which Altcoins Will Be Converted?

Many cryptocurrency businesses are considering converting altcoins into BTC and ETH in light of the recent SEC crackdown on alternative currencies, which the government has labeled as securities. The SEC has classified some well-known altcoins as securities, including Cardano, Solana, and Polygon.