Loeb Restructuring & Bankruptcy partner Daniel Besikof is quoted in a Blockworks article discussing cryptocurrency lender Celsius’ bankruptcy filing and the significant events that followed afterwards. The downfall of Celsius has shown the risks of similar platforms which allow customers’ deposits to be transferred without underwriting.
According to the article, Celsius’ interest on using its bitcoin mining business to help in its restructuring was largely rejected by creditors and regulators. Daniel told the publication that Celsius was not specific with what it planned to do with the proceeds from the business which meant it “could monetize the coins and use the proceeds in any number of ways.”
Click here to read the full article on Blockworks’s website.