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Crypto Lender Celsius Converts 23K WBTC Amid Restructuring

Crypto Lender Celsius Converts 23K WBTC Amid Restructuring

Cryptocurrency lender Celsius revealed it had converted almost 23,000 WBTC in BTC amid its restructuring process.

On February 28th, crypto lender Celsius converted 22,962.8 WBTC into Bitcoin, as disclosed in a filing related to the lender’s Chapter 11 bankruptcy protection proceedings on March 3rd.

This transaction was approved by the Celsius creditor committee, although the reason behind the exchange remains undisclosed.

WBTC is an ERC-20 token that works seamlessly with the Ethereum blockchain.

Celsius is a cryptocurrency lending platform that allows users to earn interest on their cryptocurrency holdings and take out loans using their cryptocurrency as collateral.

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It is one of the many crypto lenders adversely affected by the bear market.

In July, the lender disclosed a $1.2 billion shortfall in its balance sheet and subsequently entered Chapter 11 bankruptcy proceedings.

Celsius has been undergoing a restructuring process and working to find ways to pay off its creditors.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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