Cointelegraph Approves Celsius Network as the Leading Platform for Converting Altcoins into BTC or ETH

**Celsius Network Receives Approval to Convert Altcoins into BTC and ETH**

The United States Bankruptcy Court for the Southern District of New York has granted approval to Celsius Network, a bankrupt crypto lender, to convert its altcoins into Bitcoin (BTC) and Ether (ETH). This decision, issued by Judge Martin Glenn, will enable the distribution of funds to creditors in the near future.

**The Court Order for Altcoin Conversion**

In a recent development, the United States Bankruptcy Court for the Southern District of New York has given its approval to Celsius Network, a crypto lending platform, to convert its altcoins into BTC and ETH. The order was issued by Judge Martin Glenn and will serve as a stepping stone for the distribution of funds to the platform’s creditors in the coming days.

**Liquidation of Altcoins**

As part of its bankruptcy proceedings, Celsius Network will liquidate its altcoins, converting them into Bitcoin and Ether. This move will allow the platform to distribute the funds to its creditors efficiently. The Court’s approval of this liquidation will ensure a systematic and transparent process.

**Distribution of Funds to Creditors**

Following the liquidation of altcoins, Celsius Network will proceed with the distribution of funds to its creditors. This distribution will be made in Bitcoin and Ether, as approved by the Court. By converting the altcoins into more stable cryptocurrencies like BTC and ETH, the platform aims to secure the value of the distributed funds.

**Judge Martin Glenn’s Decision**

The decision to grant Celsius Network the ability to convert its altcoins into BTC and ETH was made by Judge Martin Glenn. With this decision, the Court emphasizes the importance of utilizing established cryptocurrencies with broader market acceptance. By converting the altcoins into Bitcoin and Ether, the Court ensures that the funds can be easily liquidated and utilized by the creditors.

**Positive Implications for Creditors**

The approval of Celsius Network’s plan to convert altcoins into Bitcoin and Ether has positive implications for the platform’s creditors. By converting the altcoins into established cryptocurrencies, the platform ensures that the value of the distributed funds will be preserved. This decision by the Court increases the chances of a fair distribution of funds to all creditors.

**Ensuring a Transparent Process**

The liquidation and conversion of altcoins by Celsius Network is a significant step towards ensuring a transparent process for the distribution of funds. By converting the altcoins into BTC and ETH, the platform ensures that creditors receive cryptocurrencies with higher market acceptance. This conversion will facilitate a seamless distribution process, promoting transparency and fairness.

**Conclusion**

In conclusion, the United States Bankruptcy Court for the Southern District of New York has approved Celsius Network’s plan to convert its altcoins into BTC and ETH. This decision, issued by Judge Martin Glenn, enables the platform to liquidate its altcoins and distribute the funds to its creditors. By converting the altcoins into Bitcoin and Ether, Celsius Network aims to secure the value of the distributed funds. This Court decision has positive implications for the creditors and ensures a transparent process for distributing the funds.