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Celsius has a Hail Mary bankruptcy plan: Turn its debt into a new cryptocurrency

Sumary of Celsius has a Hail Mary bankruptcy plan: Turn its debt into a new cryptocurrency:

  • Since bankrupt crypto lender Celsius froze withdrawals in June, customers funds have been in limbo.
  • The company wants to issue an IOU cryptocurrency  to customers that signed up for some of its accounts.
  • Goldstein said Celsius will release wrapped tokens, which will serve as an iou for customers.
  • That a hazardous wager on an increase in value for a nascent token from a company that just been through bankruptcy.

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