Ionic Digital and Mining Operation Linked to Celsius Network

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Creation of Ionic Digital
  2. Asset Aggregation and Creditor Compensation
  3. Mining Operations and Prospects


    4. Arkham Intelligence identified a new wallet, indicating a mining operation linked to Celsius Network. This entity operates under the name Ionic Digital, managing assets of the now-bankrupt company.

    Creation of Ionic Digital

    Arkham Intelligence is tracking a mining entity holding and running the former mining business of Celsius Network. Celsius shut down its last mobile access in early 2024 after filing for Chapter 11 bankruptcy. From January onwards, Celsius started redistributing funds to its creditors.

    Asset Aggregation and Creditor Compensation

    Celsius Network still holds known wallets, now containing more than $11.8M in various tokens. Among the major AVAX token holders, the company is transferring assets for liquidator management. The new entity, known as Ionic Digital, will be used for compensation to Celsius creditors. Ionic Digital will also issue common stock at a par value of $0.00001 per share for bankruptcy settlements.

    Mining Operations and Prospects

    Ionic Digital continues to receive small BTC inflows throughout the day as mining rewards. One of the addresses was created in early February and is associated with Foundry USA, a leading pool discovering up to 35% of blocks. Mining operations are mainly concentrated in Texas, dependent on local conditions and electricity prices. The new entity plans expansion under the Cevardale project, potentially adding 240 MW of energy. Despite this, the company may still face challenges in maintaining sustainability amidst growing competition.

    Ionic Digital, inheritor of Celsius Network's mining business, continues its efforts towards sustainable operations amidst bankruptcy. It is crucial to monitor the company's future developments and new steps in resource management and asset control.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

OKX Introduces Shield to Enhance User Security in Europe

OKX has launched a new initiative called OKX Shield aimed at improving exchange security for European users by requiring a hardening checklist for tiered financial protection against account takeovers.

user avatarAisha Farooq

Former Police Officer Charged in Zondacrypto Exchange Collapse

Former police officer Artur K has been charged with multiple offenses related to the collapse of the Zondacrypto exchange, including membership in an organized criminal group and aiding in the misappropriation of funds.

user avatarBayarjavkhlan Ganbaatar

Anchorage Digital Enhances Stablecoin Infrastructure with LayerZero Partnership

Anchorage Digital has partnered with LayerZero to enhance its regulated stablecoin infrastructure, enabling seamless crosschain movement of stablecoins.

user avatarMohamed Farouk

ARK Venture Fund Receives SEC Approval for Innovative Investment Classes

ARK Venture Fund has received SEC approval to create two new investment product classes: Exchange Class and Tokenized Class.

user avatarElias Mukuru

Sui Maintains Over $1 Billion in DeFi Liquidity

Sui continues to hold more than $1 billion in decentralized finance liquidity, with active on-chain trading.

user avatarDiego Alvarez

EigenLayer Surpasses $11 Billion in Total Value Locked

EigenLayer has achieved a significant milestone by moving back above the $11 billion mark in total value locked, indicating strong economic security in the Ethereum restaking sector.

user avatarKenji Takahashi

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.