Celsius Network, a landing platform that is in the process of bankruptcy, intends to focus its business on crypto mining after its reorganization, The Wall Street Journal has reported.
The new proposal, which has come after receiving feedback from the SEC, is a transition from an earlier proposal, which also involved organizing a staking program.
Under it, debtors were supposed to distribute Bitcoin and Ethereum worth $2 billion, Celsius would also set up a mining company and transfer its shares to creditors. In addition, customers could expect a 67-85% return on funds.
Notably, the new initiative comes after the SEC provided comments "on certain aspects of the plan."
On November 9, a Manhattan bankruptcy court approved Celsius' Chapter 11 plan, authorizing the company to return cryptocurrencies to customers and create a new company owned by Celsius' creditors.