Celsius Network, a cryptocurrency lending platform, is proposing to change its business structure into a Bitcoin mining business. Judge Martin Glenn, who is overseeing the Chapter 11 proceedings, warned the company that such a drastic change could require a new vote from creditors. The crypto lender announced a scaled-back post-bankruptcy strategy, narrowing its focus to Bitcoin mining due to guidance from U.S. regulators. Ultimately, Celsius aims to release $225 million in cryptocurrency assets from the control of external investors, allowing creditors to receive a 67% recovery and be overseen by U.S. Bitcoin Corp. In response, two customers challenged this plan, arguing instead for complete liquidation.



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