New 'Celsius token' may be used to repay creditors: report By Cointelegraph

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New 'Celsius token' may be used to repay creditors: report

Cryptocurrency Jan 24, 2023 06:00PM ET

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New 'Celsius token' may be used to repay creditors: report

Bankrupt crypto lending firm Celsius may issue its own token to repay creditors, according to a January 24 report from Bloomberg. The report cites a video court hearing as the source of the information.

According to the report, Celsius attorney Ross M. Kwasteniet told the court that the firm is negotiating with its creditors on how to relaunch the platform and adequately pay them back. The new, relaunched version would be “a publicly-traded company that is properly licensed,” which could allegedly provide more money for creditors than simply liquidating the company. If approved by creditors and the court, the reorganized company would “issue a new token to creditors as part of a payout plan.”

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