Bitcoin in Senegal: Why is this African country using BTC?
Bitcoin News

Bitcoin in Senegal: Why is this African country using BTC?

Out of the ashes of scams, meddling foreign interests and traffic jams is a country evolving into a thriving circular Bitcoin economy.

Bankrupt crypto lender Celsius Network has announced it will be moving forward on its Chapter 11 restructuring plan with a disclosure statement containing information for claim holders.

In a April 7 notice to users, the Celsius debtors said they will file a disclosure statement on April 12. A March 31 court filing in United States Bankruptcy Court for the Southern District of New York said the statement was aimed at providing “adequate information” for claim holders to vote on the proposed restructuring plan sponsored by NovaWulf.

https://platform.twitter.com/embed/Tweet.html?creatorScreenName=cointelegraph&dnt=false&embedId=twitter-widget-0&features=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%3D&frame=false&hideCard=false&hideThread=false&id=1644345732793548800&lang=en&origin=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcelsius-network-to-make-april-12-filing-including-info-on-voting-for-restructuring-plan&sessionId=09167dde8c91f39728ddcef7f5c3b762a552c871&siteScreenName=cointelegraph&theme=light&widgetsVersion=aaf4084522e3a%3A1674595607486&width=550px

Celsius first presented the plan in February, which proposed creating a public platform fully owned by Earn creditors called NewCo. The committee of unsecured creditors will appoint the majority of the firm’s board members, with no “Celsius founder involvement or relationship.”

Advertisement

Claim your wallet ID and do crypto on/off-ramp, effortlessly. Ready, set, XGo!

According to the debtors’ statement regarding the plan, the April 12 filing will include details of events leading up to Celsius’ bankruptcy, projected recoveries for certain stakeholders should the restructuring plan be approved, and answers to frequently asked questions. The bankruptcy court is expected to conduct a hearing regarding approval of the disclosure statement on May 17, with a vote on the plan to follow.

Related: Celsius publishes list of users eligible to withdraw majority of assets

Since filing for Chapter 11 in July 2022, Celsius’ bankruptcy proceedings in court have included discussions on assets from the firm’s Earn program, crypto holdings, Bitmain coupons, and personal information of its users. In March, the bankruptcy judge approved a settlement plan allowing Celsius custody account holders to get back 72.5% of their crypto

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image
Choose Video
X