celcius network Archives - Coin Engineer https://coinengineer.net/blog/tag/celcius-network/ Btc, Coins, Pre-Sale, DeFi, NFT Wed, 27 Sep 2023 09:46:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png celcius network Archives - Coin Engineer https://coinengineer.net/blog/tag/celcius-network/ 32 32 Increasing Tension between SEC and Coinbase over Celsius https://coinengineer.net/blog/increasing-tension-between-sec-and-coinbase-over-celsius/ https://coinengineer.net/blog/increasing-tension-between-sec-and-coinbase-over-celsius/#respond Wed, 27 Sep 2023 10:00:48 +0000 https://coinengineer.io/blog/?p=4157 Increasing tension between SEC and Coinbase over Celsius! The SEC opposed Celsius Network’s proposal to distribute digital assets to its customers via Coinbase as part of its restructuring plan and submitted its objection petition to the court, highlighting the tension between SEC and Coinbase. On September 22, the SEC objected to the Celsius Network’s restructuring

The post Increasing Tension between SEC and Coinbase over Celsius appeared first on Coin Engineer.

]]> Increasing tension between SEC and Coinbase over Celsius! The SEC opposed Celsius Network’s proposal to distribute digital assets to its customers via Coinbase as part of its restructuring plan and submitted its objection petition to the court, highlighting the tension between SEC and Coinbase.

On September 22, the SEC objected to the Celsius Network’s restructuring plan, citing an ongoing legal dispute with crypto exchange Coinbase. In March, they initially submitted the restructuring plan for Celsius Network to the court, but the court did not accept it. They last revised the restructuring plan in August for the fourth time, and the court has yet to approve it.

You might like: Stablecoin Agreement: Mitsubishi Agreed with Binance!

In March, Coinbase Exchange announced that they had received a Wells notice from the SEC. The SEC sends a Wells notice to individuals or companies as a result of an investigation, issuing a warning that indicates the Commission’s intention to file an enforcement case against them.

 

Tension between SEC and Coinbase over Celsius

“The SEC stated, “Coinbase Agreements go far beyond the services of a distribution agent; they involve brokerage services and principal transaction services, encompassing many concerns put forth in the SEC’s District Court Case against Coinbase.”

Coinbase Chief Legal Officer Paul Grewal said, “Coinbase is proud to collaborate with Celsius Network and I wonder why the SEC objects to distributing cryptocurrency to its customers. So why would they object to this trusted US public company taking on this role?”

The SEC’s latest objection application has not yet been accepted by the US District Court.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

The post Increasing Tension between SEC and Coinbase over Celsius appeared first on Coin Engineer.

]]> https://coinengineer.net/blog/increasing-tension-between-sec-and-coinbase-over-celsius/feed/ 0 This Event Might Be Result In Altcoin Sells! https://coinengineer.net/blog/this-event-might-be-result-in-altcoin-sells/ https://coinengineer.net/blog/this-event-might-be-result-in-altcoin-sells/#respond Mon, 17 Jul 2023 13:16:10 +0000 https://coinengineer.io/blog/?p=2005 Altcoin sells might be a beginning! Celsius Network was impacted by Terraform Labs’ downfall last summer. Due to liquidity problems, the platform also stopped withdrawal transactions. They declared bankruptcy about a month after the tragedy on June 12th. The SEC, the US Department of Justice, and several other legal organizations sued Celsius’s founder and CEO,

The post This Event Might Be Result In Altcoin Sells! appeared first on Coin Engineer.

]]> Altcoin sells might be a beginning! Celsius Network was impacted by Terraform Labs’ downfall last summer. Due to liquidity problems, the platform also stopped withdrawal transactions. They declared bankruptcy about a month after the tragedy on June 12th. The SEC, the US Department of Justice, and several other legal organizations sued Celsius’s founder and CEO, Alex Mashinsky, last week. An arrest warrant has been issued against him. Movements were seen in a wallet belonging to Celsius today when on-chain data was analyzed. This event might result in altcoin sales!

High-Volume Altcoin Sells

On-chain data analysis company Lookonchain has released a statement addressing the situation. Celsius Network has begun transferring all of its altcoins to centralized exchanges as of today. Since centralized exchanges are places where cryptocurrencies are converted to fiat currency at the fastest and highest value, it is highly likely that these transfers are for the purpose of selling.

You might also interested: Sec Sued Celcius Network

 

Due to the SEC lawsuit and the implemented regulations, Celsius Network can only convert these altcoins into Bitcoin and Ethereum. This means that there may be high volatility in these two cryptocurrencies. Here are the 7 altcoins in Celsius wallets:

  • 1.27 million LINK (approximately $8.5 million)
  • 2.83 million SNX (roughly $7.84 million)
  • 12,597 BNB (approximately $3 million)
  • 4.45 million 1INCH (value: $2.26 million)
  • 8.53 million ZRX (about $1.9 million)
  • 449,000 FTT (around $713,000)
  • 186,149 BONE (almost $235,000)

Celsius Network made these sales because the court permitted the conversion of their altcoins into Bitcoin and Ethereum, resulting in the transfer of all tokens except BONE to the Binance exchange. In contrast, the BONE token was transferred to the OKX exchange.

Feel free to share your thoughts in the comments section. Stay updated on instant news by following us on Twitter, Telegram, and YouTube.

The post This Event Might Be Result In Altcoin Sells! appeared first on Coin Engineer.

]]> https://coinengineer.net/blog/this-event-might-be-result-in-altcoin-sells/feed/ 0