Failed crypto lender Celsius gets judge OK to convert altcoins to bitcoin, ether

Failed crypto lender Celsius has won approval of Bankruptcy Judge Martin Glenn of the Southern District of New York on Friday to convert its altcoins to bitcoin ( BTC-USD ) or ethereum ( ETH-USD ) starting July 1, according to a filing, a move that's preceding a distribution to creditors. Celsius, which collapsed last July, had proposed liquidating its altcoins after conversing with the U.S. Securities and Exchange Commission. It's “been in regular dialogue with the Securities and Exchange Commission (the “SEC”) and certain state regulatory agencies regarding the proposed distribution of cryptocurrency under the Plan to ensure that all such distributions are in full compliance with applicable federal and state laws and regulations," the filing said. As of Nov. 25, 2022, the company's major holdings consisted of popular digital tokens like cardano ( ADA-USD ) (161M), polygon ( MATIC-USD ) (90M), solana ( SOL-USD ) (3.3M) and litecoin ( LTC-USD ) (106M), according to court documents from December of that year. More on Celsius and the crypto market: Celsius could get resurrected by Apollo, Fortress - report Celsius proposes sale of crypto trading platform to NovaWulf Digital Crypto ETFs Back In The Spotlight