Celsius Network

US Bitcoin Corp Announces July 2023 Production and Operations Updates

Retrieved on: 
Thursday, August 17, 2023
Blockchain, Utilities, Internet, Cryptocurrency, Energy, Data Management, Professional Services, Technology, Celsius Network, Bitcoin, Celsius, Fahrenheit, Hut, Transaction, TSX, ESG, Bankruptcy

Hosting and property management revenues have grown significantly, creating strong revenue visibility and downside protection.

Key Points: 
  • Hosting and property management revenues have grown significantly, creating strong revenue visibility and downside protection.
  • At the same time, we continue to maintain significant upside potential should bitcoin run by optimizing our self-mining operations and building profit share structures into our hosting and property management agreements.
  • In aggregate, the Company expects to manage a fleet of more than 310,000 bitcoin miners across Celsius and hosted assets.
  • The combined company will be named “Hut 8 Corp.” (“New Hut”) and will be a U.S.-domiciled entity.

Celsius Disclosure Statement Approved by Court

Retrieved on: 
Thursday, August 17, 2023
Professional Services, Other Professional Services, Blockchain, Technology, Cryptocurrency, Finance, Asset Management, Celsius Network, Centerview Partners, LLP, Interim, Bankruptcy, Stretto, Plan, Kirkland & Ellis, Chapter 11, Title 11, United States Code, Eastern Time Zone, Celsius, Standardized Natural Hazards Disclosure Statement, Committee, Official Committee of Equity Security Holders, Perella Weinberg Partners, White & Case, Wind, United States bankruptcy court, BRIC, Willkie Farr & Gallagher, Alvarez and Marsal, Court, Disclosure, Unsecured creditor, Security (finance), Fahrenheit, NewCo

Celsius Network LLC (“Celsius” or the “Company”) announced today that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York (“the Court”).

Key Points: 
  • Celsius Network LLC (“Celsius” or the “Company”) announced today that its Disclosure Statement was approved by the United States Bankruptcy Court for the Southern District of New York (“the Court”).
  • The Solicitation Package will include Celsius’ Disclosure Statement and Plan, detailed voting instructions, and additional important information.
  • Celsius encourages customers to read the Disclosure Statement in full to learn more about the Plan.
  • The full terms of the Plan and Disclosure Statement, as well as additional information about the Chapter 11 filing, including Court documents, can be found online free of charge at https://cases.stretto.com/celsius .

FTC Reaches Settlement with Crypto Platform Celsius Network; Charges Former Executives with Duping Consumers into Transferring Cryptocurrency into their Platform and then Squandering Billions in User Deposits

Retrieved on: 
Thursday, July 13, 2023
Celsius Network, Consumer protection, Insurance, Marketing, Celsius, Commission, Policy, Blog, Social media, Alex Mashinsky, Federal Trade Commission, Judgement, Leon Goldstein, Complaint, District court, Retirement, Freezing, Risk, FTC, Douglas v. U.S. District Court ex rel Talk America, News, Bankruptcy, APY, Cryptocurrency, Bank
Key Points: 

FTC Reaches Settlement with Crypto Platform Celsius Network; Charges Former Executives with Duping Consumers into Transferring Cryptocurrency into their Platform and then Squandering Billions in User Deposits

Retrieved on: 
Thursday, July 13, 2023
Celsius Network, Consumer protection, Insurance, Marketing, Celsius, Commission, Policy, Blog, Social media, Alex Mashinsky, Federal Trade Commission, Judgement, Leon Goldstein, Complaint, District court, Retirement, Freezing, Risk, FTC, Douglas v. U.S. District Court ex rel Talk America, News, Bankruptcy, APY, Cryptocurrency, Bank

The companies also agreed to a judgment of $4.7 billion, which will be suspended to permit Celsius to return its remaining assets to consumers in bankruptcy proceedings.

Key Points: 
  • The companies also agreed to a judgment of $4.7 billion, which will be suspended to permit Celsius to return its remaining assets to consumers in bankruptcy proceedings.
  • New Jersey-based Celsius—which filed for bankruptcy in July 2022—marketed a variety of cryptocurrency products and services to consumers, including interest-bearing accounts, personal loans secured by their cryptocurrency deposits, and a cryptocurrency exchange.
  • Many consumers reported that these promises were important factors in their decision to deposit cryptocurrency with Celsius.
  • In opening accounts with Celsius, consumers were required to provide access to sensitive information including their bank account and other financial information.
  • Far from securing customers’ cryptocurrency deposits, Celsius took title to and misappropriated these deposits totaling more than $4 billion, according to the complaint.
  • The FTC says that Celsius and its top executives also failed to deliver the returns they promised on consumers’ cryptocurrency.

SEC Charges Celsius Network Limited and Founder Alex Mashinsky with Fraud and Unregistered Offer and Sale of Securities

Retrieved on: 
Thursday, July 13, 2023
Celsius Network, Crypto, CFTC, CEL, Alex Mashinsky, Joint Sigint Cyber Unit, Sale, Commodity Futures Trading Commission, Complaint, Private prosecution, FBI, Security (finance), Contract management, Safety, Cryptocurrency, Celsius

As alleged, although the Earn Interest Program constituted the offer and sale of securities under the federal securities laws, no registration was filed or in effect for the offering, and no exemption from registration was available.

Key Points: 
  • As alleged, although the Earn Interest Program constituted the offer and sale of securities under the federal securities laws, no registration was filed or in effect for the offering, and no exemption from registration was available.
  • As a result, the Earn Interest Program lacked the protection that registration would offer.
  • The SEC’s complaint alleges that Celsius and Mashinsky manipulated the market of CEL.
  • The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York, the FBI, and the CFTC.

US Bitcoin Corp selected to manage restructured mining division of Celsius Network LLC

Retrieved on: 
Friday, May 26, 2023
Data Management, Technology, Professional Services, Mining, Minerals, Web3, Natural Resources, Software, Cryptocurrency, Networks, Internet, Hardware, Bitcoin, Celsius Network, SunLight General Capital, Chapter 11, Title 11, United States Code, United States bankruptcy court, Hut, Data, NextEra Energy, Bankruptcy, Celsius, Fahrenheit

US Data Mining Group Inc. dba US Bitcoin Corp (“USBTC”), which announced an all-stock merger of equals with Hut 8 Mining Corp. (NASDAQ: HUT) on February 7, 2023, today announced that it has been selected after multiple rounds of bidding in a competitive auction process to manage the restructured mining division of Celsius Network LLC (“Celsius”), which filed for Chapter 11 bankruptcy protection in July 2022.

Key Points: 
  • US Data Mining Group Inc. dba US Bitcoin Corp (“USBTC”), which announced an all-stock merger of equals with Hut 8 Mining Corp. (NASDAQ: HUT) on February 7, 2023, today announced that it has been selected after multiple rounds of bidding in a competitive auction process to manage the restructured mining division of Celsius Network LLC (“Celsius”), which filed for Chapter 11 bankruptcy protection in July 2022.
  • The Fahrenheit coalition includes crypto industry pioneers USBTC, Arrington Capital, Proof Group Capital Management, Steven Kokinos, and Ravi Kaza.
  • Fahrenheit will receive a management fee of $20 million per year as part of a five-year agreement with Celsius.
  • “Our specialized expertise and track record of execution ultimately secured Fahrenheit’s successful bid to restructure Celsius,” said Michael Ho, CEO of USBTC.

Celsius Announces Fahrenheit, LLC as Winning Bidder to Manage New Entity to Be Owned by Celsius Creditors

Retrieved on: 
Thursday, May 25, 2023
Professional Services, Technology, Blockchain, Cryptocurrency, Finance, Asset Management, Celsius Network, Bitcoin, Centerview Partners, LLP, Plan, Unsecured creditor, Kirkland & Ellis, Custody, Celsius, Tax withholding, Committee, Disclosure, Perella Weinberg Partners, White & Case, Title 11 of the United States Code, Mining, BRIC, Willkie Farr & Gallagher, Alvarez and Marsal, Court, Bankruptcy, Fahrenheit, NewCo

Celsius Network LLC (“Celsius” or the “Company”) today announced that, following the completion of the Court‑approved auction process, Celsius, in consultation with its official committee of unsecured creditors (the “Committee”), has selected a proposal from Fahrenheit, LLC (“Fahrenheit”), as the winning bid.

Key Points: 
  • Celsius Network LLC (“Celsius” or the “Company”) today announced that, following the completion of the Court‑approved auction process, Celsius, in consultation with its official committee of unsecured creditors (the “Committee”), has selected a proposal from Fahrenheit, LLC (“Fahrenheit”), as the winning bid.
  • Under the Plan, Celsius’ account holders will own 100% of the new equity in NewCo (subject to dilution by the equity to be distributed to Fahrenheit as management fees).
  • NewCo will be overseen by a new Board of Directors, a majority of which will be appointed by creditors.
  • The winning bid also provides attractive offers for Celsius to immediately energize its mining rigs that are currently inactive and for NewCo to build its mining business over time.

Stronghold Digital Mining Reports Fourth Quarter and Full Year 2022 Results and Provides Operational Update

Retrieved on: 
Wednesday, March 29, 2023
Celsius Network, Miner, Electricity, Vexatious litigation, Provident Bank, Whitehawk, Investment, Tobacco Master Settlement Agreement, Signature Bank, Environment, Convertible, Maintenance, Credit agreements in South Africa, PJM, Silicon Valley Bank, Deleveraging, PJM Interconnection, Kilowatt-hour, Coal, Provident Bank of New Jersey, Silvergate Bank, PPL Corporation, FirstEnergy, Credit, SDIG, Sino-Japanese Journalist Exchange Agreement, Light, Merrilees, Panther Creek, Engineering, Economics, Minerva, FTX, Plant, The Strongbox, EBITDA, Mining, First Republic Bank, Cryptocurrency, Video game, Security (finance), Renewable energy, Bitcoin, Foundry

NEW YORK, March 29, 2023 (GLOBE NEWSWIRE) -- Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”, the “Company”, or “we”) today announced financial and operational results for the fourth quarter and full year 2022 and provided an operational update.

Key Points: 
  • NEW YORK, March 29, 2023 (GLOBE NEWSWIRE) -- Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”, the “Company”, or “we”) today announced financial and operational results for the fourth quarter and full year 2022 and provided an operational update.
  • “Since the second quarter of 2022, we have announced several agreements to reduce our debt, strengthen our balance sheet, and improve Stronghold’s liquidity position.
  • During the fourth quarter of 2022, Stronghold earned 447 Bitcoin through its mining operations, a decline of approximately 21% from the 567 Bitcoin mined during the third quarter of 2022.
  • Stronghold generated $0.9 million of capacity revenue during the fourth quarter, which was flat from the third quarter and down 53% year-over-year versus the $1.9 million generated during the fourth quarter of 2021.

Stronghold Announces Fourth Quarter 2022 Operations and Financial Update and Provides Updates on Key Business Initiatives

Retrieved on: 
Wednesday, March 22, 2023
Bitcoin, Celsius Network, Minerva, FTX, Bank statement, PJM, Miner, Tax, Silicon Valley Bank, GAAP, PJM Interconnection, Sale, Net, EBITDA, Investment, Engineering, Silvergate Bank, Depreciation, Security (finance), Adjustment, First Republic Bank, Signature Bank, SDIG, Cryptocurrency, Coal, Bookkeeping

The period featured two extremes: record high PJM power prices in December and record low Bitcoin hash price in November.

Key Points: 
  • The period featured two extremes: record high PJM power prices in December and record low Bitcoin hash price in November.
  • Stronghold remains committed to supporting the PJM grid, which the Company believes is also aligned with maximizing shareholder value.
  • The Company continues to believe that it will achieve a “net cost of power” of $45-50 per megawatt hour in the first quarter of 2023.
  • Our non-GAAP financial measure should not be considered as an alternative to the most directly comparable GAAP financial measure.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Robinhood Markets, Inc. - HOOD

Retrieved on: 
Monday, March 20, 2023
Celsius Network, Crypto, LLP, Robin Hood, FTX, Annual report, Pomerantz, Bankruptcy, Cryptocurrency

NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Robinhood Markets, Inc. (“Robinhood” or the “Company”) (NASDAQ: HOOD).

Key Points: 
  • NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Robinhood Markets, Inc. (“Robinhood” or the “Company”) (NASDAQ: HOOD).
  • Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext.
  • The investigation concerns whether Robinhood and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
  • Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.