Odaily Planet Daily News Bankrupt crypto lending agency Celsius submitted an updated bankruptcy plan to the New York Bankruptcy Court on Thursday to reflect the successful bid of the Fahrenheit consortium for its assets. The plan must be approved by the New York Bankruptcy Court, but it has been opposed by creditors. David Adler of McCarter & English Law Firm tweeted: "This proposed approach violates current consumer loan laws." The borrower group he represented in the case will oppose the plan because Celsius will not return their collateral. Adler added that Celsius "needs to show that they are advancing the case and communicating with voters" to maintain the exclusive right to propose a bankruptcy plan, and believes that his clients have been ignored in the past seven weeks. Earlier on May 25, the consortium Fahrenheit won the bid to acquire the bankrupt lending platform Celsius Network, whose assets were previously worth about $2 billion. Court documents show that Fahrenheit will acquire Celsius's institutional loan portfolio, pledged cryptocurrencies, mining departments and other alternative investments, and must pay a $10 million deposit within three days to consolidate the transaction. Under the terms of the deal, the new company will receive $450 million to $500 million in liquid cryptocurrencies, and US Bitcoin Corp will build a series of crypto mining facilities, including a new 100-megawatt mine. Although the bid has been accepted by a committee of Celsius and its creditors, it still needs regulatory approval before the acquisition can be completed. (CoinDesk)