Celsius successfully emerges from Chapter 11 bankruptcy, paving the way for the distribution of over $3 billion in cryptocurrencies.
Cryptocurrency lender Celsius has announced its successful emergence from Chapter 11 Bankruptcy in the United States. In a press release issued on January 31, the firm reported that its financial recovery will also entail the establishment of a new Bitcoin mining company called Ionic Digital Inc., which will be managed by renowned cryptocurrency mining firm Hut 8.
Matt Prusak, currently Chief Commercial Officer of Hut 8, has been appointed CEO of Ionic Digital. The company plans to go public once all necessary approvals are obtained.
Crypto Exchange FTX Announces Customer Refund Plan Amid Legal Challenges
In a recent court hearing, FTX, the cryptocurrency exchange headed by Sam Bankman-Fried, has communicated its commitment to fully refund its customers affected by the recent bankruptcy filing.
While the promise of repayment is encouraging, questions are raised around the bankruptcy date set by U.S. Bankruptcy Judge John Dorsey, thus generating disputes between some plaintiffs.
The proposed refund process in US bankruptcy court would require plaintiffs to prove ownership and loss of assets in FTX, a process that will be overseen by restructuring advisors.
On the other hand, FTX has abandoned its plans to relaunch its platform due to a lack of buyers, choosing instead to focus on returning funds to former clients.
Block Inc, Jack Dorsey’s Bitcoin Startup, Lays Off a Thousand Employees in One Day
Bitcoin startup Block Inc., owned by Twitter founder Jack Dorsey, has carried out a significant wave of layoffs affecting around a thousand employees in a single day.
Block’s CEO and co-founder informed employees of the need to lay off “a large number of team members.” This, with the aim of streamlining operations. According to a memo reviewed by Business Insider, the layoffs focused on the company’s Cash App, Foundational and Square divisions.
Jack Dorsey had hinted at the possibility of layoffs last year, indicating that restrictions would be placed on Block’s growth. Employees were warned that the company planned to reduce its workforce by approximately 10%. Despite the projection that this process would take several months, almost a thousand workers were laid off in a single day.
“We decided it was better to do it all at once instead of distributing [the cuts] randomly so that it wouldn’t seem unfair to either the employees or the company. When we know we need to act, we want to do it right away instead of letting things drag on forever,” Dorsey said.
Tether Reports Increase in Cash Reserves and Profits in the Last Quarter of 2023
Stablecoin company Tether has revealed significant achievements in its Q4 2023 report, highlighting an increase in its cash reserves and quarterly profits, with a particular focus on the record ratio of reserves to cash and cash equivalents.
The report highlights that Tether has total assets of approximately $97 million, exceeding its total liabilities by about $5.5 million.
According to Tether’s certification report on January 31, the company posted a net profit of $2.85 billion in the fourth quarter of 2023, including up to $1 billion in net interest on US Treasury securities. gold and bitcoin reserves
Tether CEO Paolo Ardoino explained that achieving the highest proportion of reserves in cash and cash equivalents is due to the company’s commitment to maintaining liquidity, as well as to financial stability.
By Leonardo Perez
