The bankrupt crypto credit institution Celsius has turned its WBTCs into another cryptocurrency.
A new move has come from the struggling Celsius Network. Bankrupt crypto lender Celsius learned on Feb. 28 that it had converted 22,962.8 WBTC to Bitcoin.
Bitcoin Name from Celsius
Celsius converted about 23,000 WBTC to Bitcoin. The transaction took place with the approval of the Celsius creditor committee, according to the lender’s filing in Chapter 11 bankruptcy protection proceedings on March 3.
No reason was given as to why the change occurred. Wrapped Bitcoin or WBTC is an ERC-20 token interoperable with the Ethereum Blockchain.
Celsius, one of a number of crypto lenders at odds with the bear market, filed for Chapter 11 bankruptcy in July when it revealed a $1.2 billion deficit on its balance sheet. Since then, he has been working on a restructuring process and trying to figure out how to pay creditors.
A court-appointed inspector’s report in January detailed numerous operational failures, dishonest public statements, market manipulation and Ponzi-like recycling of client assets on the company.
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