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According to Cointelegraph, the United States Bankruptcy Court for the Southern District of New York has approved the plan of Celsius Network, a bankrupt cryptocurrency exchange. It is expected that the Celsius Network planned to convert its altcoins into Bitcoin (BTC $30,783) and Ether.

Sources revealed that Martin Glenn, a Judge, had issued the order, and the liquidations can create a way to distribute the funds to creditors in the future, Cointelegraph added.

As per Cointelegraph, after discussions between Celsius and the US Securities and Exchange Commission (SEC), the proposal was officially approved. It is believed by the bankruptcy judges ruling that the troubled lender is authorised toSell or convert any cryptocurrency assets, excluding tokens associated with Withhold or Custody accounts, into Bitcoin (BTC) or Ether (ETH) starting from July 1, 2023.

Furthermore, in spite of the bankruptcy filing a few months back, the recent court order by the U.S. Securities and Exchange Commission (SEC), may introduce new possibilities and extend the proceedings, Cointelegraph concluded.

(With insights from Cointelegraph)

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Celsius gets access to convert altcoins into Bitcoin or Ether - The Financial Express