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Celsius Network, the crypto platform that touted itself as safer than a bank, won court approval to end its bankruptcy case and release most of its remaining cryptocurrency back to hundreds of thousands of customers whose funds have been trapped since last year, WSJ Pro Bankruptcy reported. The plan approved in a New York bankruptcy court Thursday also creates a new company built around Celsius’s crypto mining and staking activities, wrapping up a first-of-its-kind bankruptcy process that saw intense involvement from individual customers who fought to influence the outcome. Customers are expected to get back only a fraction of the cryptocurrency they deposited with Celsius before it froze user accounts last year with a $1.2 billion hole in its balance sheet, one of the biggest crypto collapses ever. Bankruptcy Judge Martin Glenn issued an opinion approving the plan proposed by Celsius and striking down the last remaining challenges to the terms of the reorganization plan. With the ruling, nearly all the major U.S. crypto firms that filed bankruptcy due to the market meltdown in 2022 have now concluded the court process and repaid what they could to their customers. The chapter 11 case of crypto exchange FTX is continuing.

Lordstown Motors Corp. on Tuesday got the green light from a Delaware bankruptcy court judge to begin soliciting votes for the electric vehicle developer’s plan of bankruptcy reorganization, the Cleveland Business Journal reported. U.S. Bankruptcy Court Judge Mary Walrath approved Lordstown Motors’ disclosure statement — the document that contains detailed information to enable a creditor to make an informed decision about the debtor’s plan of reorganization — during a Tuesday morning hearing. Lordstown Motors and its attorneys will use the disclosure statement to solicit votes from creditors and shareholders to approve or reject the company’s plan to emerge from bankruptcy court, likely late this year or early next year.

BlockFi emerged from bankruptcy on Tuesday, nearly 11 months after it was swept away by the turbulence in the cryptocurrency industry following the collapse of FTX, Reuters reported. In its bankruptcy filing in November last year, BlockFi had cited its loans to FTX's sister firm Alameda as one of the reasons for the crisis it was facing. On Tuesday, the company said that it would officially begin enacting the actions detailed in its bankruptcy plan, like recovering assets it believes are owed to it by FTX, Three Arrows Capital and others. Any attempts to recover assets from those companies, however, will likely be contentious as both are themselves waddling through their respective bankruptcy processes. Separately, FTX co-founder Sam Bankman-Fried is undergoing a trial for fraud. BlockFi said that withdrawals are currently available to nearly all of its Wallet customers. Those with BlockFi Interest Accounts and Retail Loans will be repaid over the coming months, but the amounts they receive could vary based on the outcome of the FTX bankruptcy, BlockFi said.