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[Potential Drama] Celsius has a brilliant new Hail Mary bankruptcy plan: Turn its debt into a new cryptocurrency

https://www.cnbc.com/2022/09/23/celsius-has-a-hail-mary-bankruptcy-plan-turn-its-debt-into-a-new-cryptocurrency-.html

What could possibly go wrong :marseyclueless:? This will TOTALLY save the company from it's demise :marseysmoothbrain:

r/cryptocurrency thread

Generated from TLDR This:

Since bankrupt crypto lender Celsius froze withdrawals in June, customers' funds have been in limbo.

However, CNBC spoke with former employees who verified that the recording is authentic.

In the audio, Chief Technology Officer Guillermo Bodnar says the plan is in "early stages."

What's laid out may have changed in the weeks since the call.

In the recording, Celsius co-founder Nuke Goldstein outlines a compensation plan for customers who deposited assets in Celsius' "Earn" account, for which Celsius had promised yields as high as 17%.

He said if customers wait to redeem their tokens, there's a better chance that the gap between what Celsius has and what it owes will be smaller.

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Debt-to-equity swaps are nothing new. Debt-to-crypto is the same idea.

This is how China :marseyjewoftheorientglow: was able to escape debt crises for the past couple decades.

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The difference is equity has monetary value, crypto doesn't

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