Celsius Files For Bankruptcy, The Sandbox And Tony Hawk Partnership, Celo Network Outage

Written by Lindi Miti

July 15, 2022

 Celsius Files For Bankruptcy

Celsius, a cryptocurrency lending platform, has filed for bankruptcy in the Southern District of New York. They decided to stabilize the business and maximize the value for all stakeholders. Celsius has $167 million cash in hand and will continue some of its operations, including paying its employees. 

“We have a strong and experienced team to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future,” said Alex Mashinsky, Co-Founder & CEO of Celsius.

Last month, Celsius halted deposits and withdrawals of cryptocurrency, citing extreme market conditions. The company said it activated a clause in its Terms of Use that allows them to freeze customers’ assets. 

The Sandbox And Tony Hawk Partnership

Tony Hawk, the legendary skateboarder, has partnered with The Sandbox to build the biggest virtual skatepark in the metaverse. The Tony Hawk LAND will have 36 plots and an NFT marketplace for selling skateboards and accessories. The launch date is still unavailable. 

“I have been a fan of new technology all my life – from the first videogames and home computers with CGI capabilities – so I am fascinated by the metaverse. And excited to bring our culture into the virtual landscape of The Sandbox,” said Tony Hawk.

Tony Hawk (54) started skateboarding at the age of 14. He won the skateboarding World Championships 12 years in a row. “We share his passion for innovation, creativity, and the drive to create something: this is the energy that powers our entertainment metaverse. There’s no better way to bring skateboarding culture to The Sandbox than by following the example of the greatest skateboarder of all time, whose legacy stretches from the sport and lifestyle early days to the present and beyond,” said Sebastien Borget, COO and Co-Founder of The Sandbox.

Celo Network Outage

Celo, a proof of stake mobile-friendly blockchain, suffered a network outage. The organization assured their community that their validators were working to restart the network and that everyone’s funds were safe. 

“The Celo network has stalled at block 14,035,19. Validators are working to identify and resolve the issue. All funds are safe, ” announced Celo on Twitter. 

Written by Lindi Miti © Crypto University 2022  

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