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Insolvency process Celsius: Ripple buys the crypto company?

 


The assets of the insolvent crypto company Celsius could be taken over by Ripple, a spokesman for the company announced.


Ripple, itself plagued by the US Securities and Exchange Commission (SEC), is showing interest in buying Celsius assets. According to a Ripple spokesman , the company is putting out feelers:


"We want to learn about Celsius and its assets to evaluate if they could be relevant to our business."


The spokesman did not provide any information about the complete takeover of the insolvent lending service.


Celsius bankruptcy attracts interested parties

After denying withdrawals in June, the crypto company filed for bankruptcy in a New York court last month. It has since been revealed that there is a $1.19 billion hole in the balance sheet and no one knows if the company will ever be able to get back on its feet.


Then, surprisingly, last week, Ripple's lawyers filed motions to be involved in the ongoing bankruptcy proceedings. Since the court approved the application, the crypto company can now get an overview of the potential purchase objects.


It is also known from court documents that Ripple is not one of Celsius's creditors. It is not known which specific assets arouse interest. Cash reserves, the in-house CEL token, cryptocurrencies, a mining company and digital assets held by third parties would be considered.


Ripple's troubles with the SEC don't abate

The sixth-largest crypto company in the world has been at war with the SEC since 2020. According to the SEC, the company issued unregistered securities (the XRP token) valued at $1.3 billion in 2012.


Although Ripple was not blamed, the course has often suffered in the past due to the process. When it comes to bad news, it usually goes for a quick swim, only to reappear when it comes to good news.


The SEC's decision is eagerly awaited in crypto space as it could set the pace of oversight for future crypto offerings.


The XRP course is currently priced at $0.38 with a market cap of around $18 billion.


Lending service with legal difficulties

Before users could withdraw their cryptocurrencies from Celsius accounts and without any warning, the service suspended all withdrawals in June. Now some users of the service are grouping together to take legal action against the lending service. The 300 users who joined together have now been able to collect almost 100,000 US dollars - they commissioned the lawyer Kyle J. Ortiz to file a lawsuit with a well-known law firm.


The plaintiffs are reclaiming their cryptos deposited solely for safekeeping. While the users themselves remain the owners of the cryptos with storage, this is not the case with the earning earn program. The stored cryptocurrencies are said to be around 180 million US dollars.


According to an online portal, however, this is not the only lawsuit filed against Celsius. US law firm Bragar Eagel & Squire, PC, which accuses the company of violating US securities laws, is also filing a class action lawsuit against Celsius. By violating the law, the company blinded customers and tempted them to invest, the law firm said.


The CEL token has since recovered from its $0.36 hole in June and is currently trading at $2.40. The upturn in the crypto market has also made itself felt at Celsius.


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