Celsius Network Granted Approval to Convert Altcoins to BTC and ETH

The United States Bankruptcy Court for the Southern District of New York has approved Celsius Network's plan to convert its altcoins into Bitcoin (BTC) and Ethereum (ETH). The decision allows the troubled crypto lender to sell or convert its cryptocurrency assets, excluding tokens associated with Withhold or Custody accounts, starting from July 1, 2023. The approval comes after discussions with the U.S. Securities and Exchange Commission (SEC). Celsius Network, which faced bankruptcy following the collapse of the Terra ecosystem, has left creditors waiting for a resolution. The recent verdict introduces new possibilities and extends the proceedings, as many crypto companies are converting altcoins into BTC and ETH amid the SEC's crackdown on altcoins classified as securities.