Celsius (CEL-USD) is receiving approval to start crypto mining its way out of debt.
The company currently owes about $1.2 billion to lenders.
Skepticism remains over whether the plan will work, though Celsius executives are confident.
Celsius (CEL-USD) is throwing a Hail Mary in its quest to reverse its bankruptcy. And in today’s Celsius crypto news, the company is seeing some support from the court. A judge is giving it the green light to start crypto mining its way out of debt. The news comes just after some turmoil inflicted by creditors seeking to bar this possibility.
The company’s woes stem back to the crypto crash back in May. Terra Classic’s (LUNC-USD) demise meant more than just the end of that crypto ecosystem as we knew it; it brought the entire market down. Several crypto investing companies, like Celsius, were massively exposed to Terra. Celsius had taken out far over-leveraged loans to maximize its staking potential, including a sizable exposure to Terra.
When crypto...
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