Celsius Converts 23,000 WBTC Into Bitcoin

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Last Updated on March 4, 2023 by Bitfinsider

On February 28, the troubled cryptocurrency financier Celsius changed 22,962.8 WBTC to bitcoin.

The deal was authorized by the Celsius creditor committee, according to a March 3 statement in the lender’s Chapter 11 bankruptcy procedures.

There was no explanation provided for why the transaction happened. Wrapped bitcoin, or WBTC, is an Ethereum blockchain-compatible ERC-2o currency.

Celsius, one of a handful of cryptocurrency lenders to fall victim to the bear market, filed for Chapter 11 bankruptcy in July after revealing a $1.2 billion hole in its balance sheet. Since then, the company has been undergoing a restructuring procedure and determining how to pay its debtors.

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