As a researcher with years of experience in the digital finance sector, I find the Celsius Network’s move to leverage PayPal’s Hyperwallet services for creditor repayment an interesting approach. Given my past encounters with similar situations, I can understand the challenges some creditors might face with traditional wire transfers. Streamlining the movement of funds from crypto to cash and vice versa is indeed a smart choice in such complex scenarios.
Celsius Network, a bankrupt digital currency lending platform, has disclosed its strategy for distributing funds to creditors to the court. In a submission made to the U.S Bankruptcy Court for the Southern District of New York, the company’s legal team outlined plans to utilize PayPal’s Hyperwallet services as part of their plan to repay the outstanding debts.
Celsius Network and the Creditor Focus
According to the information provided in the filing, the struggling company explained that it selected Hyperwallet due to potential complications some creditors could encounter with wire transfers. Since Hyperwallet is owned by PayPal, this system can also facilitate the smooth transition of funds from cryptocurrency to cash and back again.
After collapsing due to bankruptcy, the company has taken various steps to retrieve money in order to pay back its creditors. More recently, it filed a lawsuit against Tether for approximately $2.4 billion related to certain Bitcoin transactions before its demise.
This is a developing story, please check back for updates!!!
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2024-08-19 21:55