The Texas Securities Board (SSB) has asked a U.S. bankruptcy court to deny Celsius' request to sell its mined bitcoin, citing concerns about how the proceeds will be used. The SSB said Celsius’ past practices involved poor asset deployment decisions, use of mined bitcoin to repay intercompany loans, potential mismanagement and continued failure to comply with state regulatory requirements. Celsius failed to outline how it plans to benefit creditors with the proceeds from the bitcoin sale. Foresight News previously reported that Celsius filed for bankruptcy on July 13 and listed a $1.2 billion shortfall on its balance sheet. The company owes its users more than $4.8 billion and is trying to find liquidity to repay creditors. the