Celsius Files for Permission to Sell Its Stablecoin Holdings to Fund Operations

Crypto lending platform Celsius has asked the court for authorization to sell its stablecoin holdings in order to generate liquidity to help fund its operations, according to new court filings. Celsius currently owns 11 forms of stablecoins totalling approximately $23 million, CoinDesk reports. The filing reads, "The Debtors, however, continue to own stablecoins that should be monetized to fund their operations in these Chapter 11 cases given their market stability compared to other types of cryptocurrencies." On Celsius' next hearing scheduled for October 6th, the proposed stablecoin sale will be discussed. At the hearing on September 15th, the bankruptcy judge approved an order to appoint a neutral third party to examine Celsius. Lawyers from the Justice Department, securities regulators, and representatives of creditors and consumers seeking to recoup their losses pushed for the examiner, a step to which Celsius itself did not object. After the hearing, Celsius announced on Twitter that it would start the claims process soon. The details of the claims process will also be discussed at October 6th's hearing. According to TokenInsight data, $CEL price dropped 48.71% over the last 24 hours, trading at $1.7449 now.