New York Southern District Judge has approved Celsius to exchange altcoins for BTC and ETH starting from July 1.

According to BlockBeats news on June 30th, as reported by Coindesk, bankruptcy judge Martin Glenn of the Southern District has approved Celsius to sell or exchange any altcoins for BTC and ETH from July 1st. According to court documents from December last year, Celsius held 90 million MATIC, 103 million ADA, 161,000 SOL, 3.3 million LINK, 1.8 million DOT, 200,000 LTC, and 106,000 AAVE on November 25th, 2022. It is unclear how much of these assets will be excluded from the sale, and what Celsius' current position in these assets is. The cumulative value of these positions exceeds $170 million at the time of writing. Celsius also holds millions of dollars in stablecoins and $650 million in platform coin CEL, which is theoretically worth nearly $100 million, but it is unclear whether Celsius can liquidate its platform coin assets. As previously reported by BlockBeats, on June 15th, the Celsius debtor and unsecured creditors' official committee agreed to convert all of the clients' altcoins (excluding those held in custody and pre-withheld accounts) into BTC and ETH from July 1st, and applied for court approval and signature.