In a recent court filing, the Celsius Network has announced plans to facilitate the conversion of all altcoins into bitcoin and ethereum starting from July 1, 2023.
This announcement came to light in a court document submitted on June 14. However, this does not apply to tokens secured in Withhold or Custody accounts. The network is planning to initiate this conversion process starting from July 1.
As indicated in the court documents, the move to convert altcoins to these major cryptocurrencies will not have any negative impact on any pending creditor claims. The debtors have committed to making every effort to optimize the value of this currency conversion, aiming to maximize financial advantages wherever feasible.
Additionally, the debtors have made it clear that the ultimate payout to creditors will be mostly in the form of bitcoin and ethereum, barring some exceptions under specific circumstances. These decisions are part of the debtors’ broader strategic plan.
For those interested in following the conversion of tokens, the Celsius Network has pledged to provide updates in its monthly Budget and Coin reports. These updates will serve as a transparent way for network members and stakeholders to keep track of these conversions.