Celsius Network Wants to Sell Stablecoins

Crypto lending platform Celsius Network, which is currently undergoing a restructuring procedure, has filed a lawsuit to liquidate $23 million in stablecoins.

If the lawsuit is approved, the company will use the resulting liquidity to finance its activities.

Despite the fact stablecoins are the property of debtors, repaying debts owed to them is part of a separate process.

The proposal will be considered on October 6.

The crypto lending platform suspended on June 13 the withdrawal of funds, the exchange and transfers between accounts.

Celsius and some of its affiliates filed for Chapter 11 bankruptcy a month later.