Bankrupt cryptocurrency lender Celsius has received court approval to convert its altcoins into more liquid cryptocurrencies. This will be accomplished as part of the company’s restructuring plan.
The Celsius platform has announced that it will convert all of its assets into bitcoins and ether. In June, their exchange rate rose thanks to the support of the new cryptocurrency exchange EDX Markets. The CEL token, which accounts for more than 65% of Celsius’ holdings, fell 83%, while SRM plummeted 84%.
According to court documents, Celsius owns altcoins that are valued at $90 million. Therefore, the lack of information on buy and sell rates raised concerns about potential pressure on the cryptocurrency market, given the liquidity of tokens over the past year. Investors claim Wintermute inflated the CEL token exchange rate to falsify trading volume