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9 month recovery plan for Celsius announced by lead investor Bnk to the Future

Founder of web3 investment firm, Bnk to the Future Simon Dixon, who led the first investment round for Celsius has announced a recovery plan for the struggling platform. The recovery was directed to “both the Celsius community and [the Bnk to the Future] investor community in light of the recent suspension of withdrawals at Celsius.”

Dixon compared the current situation to that of 2011 and the Mt. Gox collapse before saying, “I’m confident he will find the right solution like our industry always has when financial innovation goes wrong.” Bnk to the Future also supported Bitfinex in 2016 after it was hacked and “executed a recovery that involved security tokens, debt and equity and gave investors a very high return for the high risk they took.”

The Bnk to the Future founder also confirmed that a “small portion” of his total wealth is invested in Celsius so he is personally exposed to any potential insolvency. However, he also stated that he is “more concerned for community members that may have a chance at preserving a larger percentage of their wealth through a recovery plus an education in risk management.”

Dixon also confirmed that he believes the situation can:

 “Only be solved with a solution using financial innovation like we did with Bitfinex that was resolved within 9 months and worked out very well for depositors. It’s not my place to reveal information before Alex and the Celsius board are ready, it’s my position to offer solutions as we have the experience, licences and technology to do so.”

No further information will be released until the Celsius board “are ready” therefore investors could still be waiting a while. However, the content of the announcement does suggest that the situation at Celsius is serious. If a recovery plan is put in place by Bnk to the Future, Dixon expects it to be resolved within “9 months.”

Speaking about the announcement, Rob Wolff of Digital Asset News declared,

“If @SimonDixonTwitt is involved then things are looking a little bit brighter. This is the other Simon I trust in the dove.”

The rest of the community appeared less convinced bemoaning that “this is not a recovery plan” and that “users got a worthless token” with the Bitfinex recovery plan. CryptoSlate will stay close to this story and continue to report on any official announcement of the details when they are released by Celsius.

The post 9 month recovery plan for Celsius announced by lead investor Bnk to the Future appeared first on CryptoSlate.

Jed McCaleb’s Ripple Stash Down to 81 Million — Co-Founder’s XRP Cache Likely to Dry Up This Year

After selling billions of xrp tokens since 2014, the former Ripple Labs executive Jed McCaleb only has 81.53 million xrp left to sell. In mid-February 2021, it was expected that McCaleb’s stash would run dry that year in May. However, the selling took much longer, but today’s data shows there’s only $26 million worth left.::Listen

Jed McCaleb's Ripple Stash Down to 81 Million — Co-Founder's XRP Cache Likely to Dry up This Year

After selling billions of xrp tokens since 2014, the former Ripple Labs executive Jed McCaleb only has 81.53 million xrp left to sell. In mid-February 2021, it was expected that McCaleb’s stash would run dry that year in May. However, the selling took much longer, but today’s data shows there’s only $26 million worth left.

Data Shows Jed McCaleb’s Ripple Stash Nears the Bottom of the Barrel With $26 Million in Coins Left to Sell

  • It has been known for quite some time that the co-founder of Ripple Labs, Jed McCaleb, has held billions of xrp (XRP) since he left the company in 2014 and started the blockchain project Stellar.
  • In February 2021, reports had shown that McCaleb was selling large quantities of XRP. For instance, on February 14, xrpscan.com data indicated that McCaleb’s wallet dubbed ‘Tacostand’ sold 38 million XRP worth $22 million.
  • It was assumed at that time that McCaleb’s XRP stash would dry up by May 2021, if the selling persisted at that rate. The sales did not continue at that rate, however, and McCaleb’s wallet still holds 81.53 million XRP worth a touch over $26 million.
  • McCaleb is still dumping XRP and one observer noted on June 29, 2022, that 22,007,874 XRP was sold in three days. When McCaleb left Ripple, he held roughly 9 billion XRP and he’s been selling the tokens ever since then.
  • At one time, Ripple and McCaleb came to an agreement that noted the former Ripple executive would lock some of his funds in order to protect the XRP price from volatility. In the month of February 2021 alone, McCaleb offloaded $1.22 billion worth of XRP.
  • Although, when the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple, McCaleb paused the ‘Tacostand’ selling for a period. Between 2018 through 2019, the Ripple co-founder was allowed to sell 1 billion XRP per year, and by 2020 it was bumped up to over 2 billion XRP.

  • Statistics from a web portal that aggregates and monitors McCaleb’s XRP sales show that he sold roughly 2.74 billion XRP in 2021. This year, data shows McCaleb sold a total of 627 million XRP.
  • With 627 million XRP sold this year alone, McCaleb’s XRP stash could easily dry up by the end of this year unless he pauses selling again for a number of months.

What do you think about Jed McCaleb’s recent xrp token sales? Let us know what you think about this subject in the comments section below.

9 month recovery plan for Celsius announced by lead investor Bnk to the Future

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