Celsius Nears The Bankruptcy Proceedings End

09/11/2023

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According to recent court filings, Celsius is getting closer to completing bankruptcy proceedings. The company has approved a new board of directors.

The new filing includes an updated list of the board of directors, as well as other documents necessary to complete the bankruptcy proceedings. In 2022, the SEC filed a lawsuit against the company. The court order froze Celsius' assets and prohibited any transactions. After that, the company filed for bankruptcy.

Former Algorand CEO Steven Kokinos has been proposed as the new CEO of the cryptocurrency lender. He is also the owner of Fahrenheit Holdings and Arrington Capital. He has 25 years of experience in founding and running various companies. He left Algorand in 2022.

Other prospective board members are also named in the document. Among them are the two co-chairs of Celsius' creditors' committee, Scott Duffy and Thomas DiFiore. Fahrenheit chief Asher Genoot and Arrington Capital hedge fund manager Michael Arrington, among others, were also proposed. Celsius creditors are now voting on the purchase of Fahrenheit.

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