Insolvent Celsius Network Announces App Discontinuation

• The Celsius app will be shut down within the next 90 days as per the announcement.
• The platform is preparing to launch “NewCo,” a company owned by Celsius’ creditors.

In a recent filing, Celsius Network said that its app will be discontinued. Celsius, which debuted in 2017, has been mired in financial and legal disputes as of late. Despite these difficulties, the corporation is beginning to see the light as it prepares to become a new organization known as “NewCo.”

Many factors contributed to Celsius’s demise, but former CEO Alex Mashinsky’s arrest on fraud and market manipulation charges and subsequent investigation from the SEC were the last straws. Settlements of this magnitude have been reached in response to these threats, with the stated goal of redistributing assets to consumers and ending insolvency procedures.

Strategic Restructuring

Furthermore, as stated in the updated disclosure statement, the Celsius app will be shut down within the next 90 days. This decision was made while the platform is preparing to launch “NewCo,” a company owned by Celsius’ creditors and controlled by the Fahrenheit Group. Current Celsius app users have until the end of the 90-day withdrawal period to complete any withdrawals. After that time, they won’t be able to log in to the Celsius app or their accounts.

Moreover, Celsius has promised to pay back its debtors, including participants in its partner programs. Taking into consideration swings in cryptocurrency values, the corporation intends to transfer at least $2.03 billion in cryptocurrency as part of its commitment.

According to CMC, the price of CEL is down 0.62% in the last 24 hours and is now trading at $0.1612. Moreover, the trading volume has declined by 42%.

Highlighted Crypto News Today:

All Eyes on Shibarium, as SHIB Stays Above $0.00001 Resistance