The resources freed up by this motion would be used to ensure the platform stays afloat.
$50 million in withdrawals to creditors with Custody and Withhold accounts – a minority of the platform.According to the document, the preliminary investigation into Celsius’ request does not breach any existing laws. This is due to the fact that the assets proposed for sale are stablecoins and thus do not fall under the purview of laws prohibiting or restricting the rights of debtors to sell assets at risk of depreciation or appreciation.
Nevertheless, the document clearly states that the preliminary decision should not be taken as indicative of approval by the court and that the matter will be further discussed at the planned hearing. Although the sale of the full amount is still to be debated at the hearing, the court has granted Celsius the right to continue selling stablecoins that are not Custody and Withhold customer assets.
“Pursuant to section 363 of the Bankruptcy Code, the Debtors are authorized, but not directed, to sell and/or exchange any stablecoin on a post-petition basis consistent with prepetition practices and in the ordinary course of business without further notice and hearing; provided that the Debtors shall not sell any stablecoins that constitute Custody Assets and/or Withhold Assets pending further order of the Court.
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