restructuring plan
SEC Raises Objections to Celsius Network's Restructuring Plan Involving Coinbase
The U.S. Securities and Exchange Commission (SEC) has filed a limited objection to the Chapter 11 restructuring plan of crypto lending platform Celsius Network. The objection, dated September 22, 2023, specifically targets the company's proposed arrangement with Coinbase for distribution services. The SEC is also currently engaged in a lawsuit against Coinbase, adding another layer of complexity to the situation.
Celsius Network Announces Disclosure Statement for Chapter 11 Plan
Celsius Network, a bankrupt crypto lender, has announced it will move forward with its Chapter 11 restructuring plan by filing a disclosure statement on April 12. The statement is aimed at providing "adequate information" for claim holders to vote on the proposed restructuring plan sponsored by NovaWulf. The plan proposes creating a public platform fully owned by Earn creditors called NewCo, with no involvement from Celsius founder.
Celsius to Transition to Mining-Only NewCo following Bankruptcy Court's Confirmation of Plan
Celsius Network, following bankruptcy court approval, is transitioning to a Bitcoin mining-focused entity to address regulatory challenges from the SEC.
SAP Announces 2 Billion Euro Restructuring Plan Affecting 8,000 Jobs
SAP SE announces a major restructuring plan, allocating €2 billion to reorient 8,000 roles towards AI-driven business areas, in response to the rapidly evolving tech industry landscape.
Celsius Network to File Disclosure Statement for Restructuring Plan
Crypto lender Celsius Network will file a disclosure statement on April 12 regarding its Chapter 11 restructuring plan. The statement is aimed at providing adequate information for claim holders to vote on the proposed plan, which would create a public platform fully owned by Earn creditors called NewCo. The committee of unsecured creditors will appoint the majority of the firm’s board members, with no Celsius founder involvement or relationship.
Japan Will Include Central Bank Digital Currency in Honebuto Economic Plan
The Japanese Government has continued its acceleration towards a Central Bank Digital Currency (CBDC) and is set to include its consideration in its formal economic plan.
Hong Kong Blockchain Startup Bitspark Announces Closure Amid Coronavirus Outbreak and Protests
Bitspark, a blockchain remittance startup based in Hong Kong recently announced its abrupt closure, stating internal restructuring issues.
Chinese Yuan Poised to Become the World’s Third Largest Reserve Currency by 2030—Is DCEP Part of the Plan?
Morgan Stanley analysts are predicting that the Chinese yuan will become the third-largest reserve currency in the world, is the DCEP part of the plan?
China Issues New ‘Bejing Action Plan’ to Accelerate the Inclusion of Blockchain in the Economy
The Chinese government issued a new “Beijing Action Plan” aiming to accelerate the inclusion of new emerging technologies in the country’s economy. China aims to leverage new technologies including artificial intelligence (AI), 5G, industrial internet, blockchain, big data, and others to promote the steady growth of Beijing’s economy post-pandemic.
$1.7 Billion Rehabilitation Plan for Mt. Gox Hack Victims Shelved Until December
Victims of the now non-defunct crypto exchange Mt. Gox will have to wait on their refund following a 2014 hack, which triggered the loss of over 150,000 Bitcoin.
JP Morgan Looking to Merge its Blockchain Unit Quorum with ConsenSys
JP Morgan Chase & Co has been reportedly in talks with blockchain startup ConsenSys, to merge the former’s blockchain unit, Quorum with the startup.
Sierra Leone Revamps National ID Infrastructure with Blockchain
According to Sierra Leone’s President, Julius Maada Bio, the nation intends to use blockchain technology in restructuring the national ID system.
SEC Commissioner & ‘Crypto Mom’ Hester Peirce Suggests Plan to Determine Whether an Asset is a Security
“Crypto Mom” Hester Peirce is not the biggest fan of using the Howey Test to determine whether crypto assets are securities.
Huobi Announces Plan To Launch A Fiat Gateway For Turkish Users
At the Eurasia Blockchain Summit Istanbul, Huobi Global declared its ambition to launch a crypto trading platform for Turkey users which will start with Turkish Lira (TRY) / paring and which they hope will enable users to exchange more crypto assets with greater liquidity.
Microsoft, Eidos, and Fable Plan Blockchain Revival of 'Way of the Tiger'
Microsoft is teaming up with major game developers Eidos and Fable to revive the popular 1980s card game, 'Way of the Tiger' using blockchain technology.
Bitcoin Price Could Reach $350,000 by 2044 Depending on Millennials’ Investment Game Plan
According to Kraken Exchange, a leading US-based crypto exchange, Bitcoin price could shoot through the roof to $350,000 USD by 2044 if millennials were to invest more than 5% of their inherited wealth into this digital asset.
Alibaba’s Plan to Digitize the Services Industry to Rival Tencent Involves Blockchain
Alibaba subsidiary Ant Group CEO Simon Hu is accelerating Alipay’s progression into an online mall for commerce, food, travel services to rival Tencent Holdings Ltd.