Celsius chooses NovaWulf’s bid to exit from bankruptcy By Cointelegraph

Bankrupt crypto lender Celsius Network has chosen NovaWulf Digital Management as the sponsor for its proposed Chapter 11 restructuring plan, which will see the investment advisory firm take over the operations of a new company and most customers estimated to recover up to 70% of their funds.

Celsius presented the plan on Feb. 15 in a filing to the United States Bankruptcy Court for the Southern District of New York. The proposed plan has the support of the Celsius Official Committee of Unsecured Creditors (UCC) — a body representing the interests of Celsius account holders.