Crypto lender Celsius Network will seek to exit bankruptcy under the guidance of asset manager NovaWulf Digital Management, which will take over the operations of a new company that will be owned by Celsius customers, the company said at a court hearing in Manhattan on Wednesday.Celsius selected NovaWulf'
Crypto lender Celsius Network will seek to exit bankruptcy under the guidance of asset manager NovaWulf Digital Management, which will take over the operations of a new company that will be owned by Celsius customers, the company said at a court hearing in Manhattan on Wednesday.
Those assets would be owned by Celsius creditors and managed by NovaWulf under a profit-sharing agreement if Celsius' proposal is approved by U.S. Bankruptcy Judge Martin Glenn, who is overseeing Celsius' Chapter 11 process. Celsius customers with more than $5,000 in their accounts would receive payments from crypto that is left over after smaller customer accounts have been paid back, and will additionally receive ownership shares in the new company.
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