Celsius recently transformed nearly 23,000 Wrapped Bitcoin (WBTC) tokens into Bitcoin. Celsius has been considered one of a number of crypto lenders to experience financial difficulties during the latest bear market. Celsius has been working to discover a means forward. Last month, it proposed a sale to NovaWulf Digital Administration, an funding firm led by former Wall Avenue executives. Celsius, a cryptocurrency lending platform that has been struggling financially, recently converted almost 23,000 Wrapped Bitcoin (WBTC) tokens into Bitcoin. The conversion was approved by the Celsius creditor committee and occurred on February twenty eighth, according to courtroom filings related to Celsius’ ongoing Chapter 11 bankruptcy proceedings. No rationalization was given for the transaction, which involved shifting WBTC tokens from the Ethereum blockchain to the Bitcoin blockchain. WBTC is a token that's pegged to the value of Bitcoin and is used to facilitate transactions on the Ethereum community. Celsius has been one in all several crypto lenders to experience monetary difficulties during the recent bear market.