Bitcoin Mining Firm Iconic To Close Down Amidst Creditor’s Concerns

Author: Nidhi Kolhapur

Nidhi Kolhapur

Author

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Aug 28, 2024 8:02

Ionic Digital Inc., a bitcoin mining firm, faces potential liquidation as creditors have raised concerns over its delays and management. The exit of Ionic’s auditor and CEO Matt Prusak has further intensified the concerns. Creditors have also criticized the slow development pace and the board’s lack of experience in the crypto mining industry, seeking to remove the current board of directors. Celsius Network’s bankruptcy proceedings are in progress. Around $2.53 billion has been distributed to 251,000 creditors, covering about 93% of the total amounts owed to those creditors. Meanwhile, 121,000 creditors are still awaiting their distributions.