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