Judge Denies Several Motions in Celsius Bankruptcy Case
The recent legal proceedings in the Celsius bankruptcy case saw creditors arguing for a valuation of $0.80 for CEL, claiming that its worth had been manipulated. However, Judge Glenn dismissed this motion, along with others. Creditors are now preparing to vote on a revised valuation of $0.25 per CEL, awaiting the judge’s decision. Currently, CEL is trading at $0.118 per token, experiencing a 3% dip in the last day. Its market cap stands at $50.4 million, with a 25.9% drop in the past month and a significant fall of 98.5% from its peak of $8 per token in June 2021.
Main Breakdowns:
- Creditors’ argument for a $0.80 valuation for CEL rejected by Judge Glenn.
- Creditors now preparing to vote on a revised valuation of $0.25 per CEL.
- Current market performance of CEL at $0.118 per token, with a 3% dip in the last day.
- CEL’s market cap at $50.4 million, with a 25.9% drop in the past month.
- CEL’s significant fall of 98.5% from its peak of $8 per token in June 2021.
In an intriguing turn, a creditor tried to invoke a recent XRP ruling, hoping for recognition of legal precedent. However, Judge Glenn dismissed this motion as well, avoiding the need to classify CEL as an unregistered security. He clarified that the ruling did not make any findings regarding crypto tokens as securities and reserved the right of the SEC and the Committee to challenge transactions involving crypto tokens on any basis.
Hot Take:
The judge’s dismissal of the motions in the Celsius bankruptcy case highlights his refusal to consider the valuation arguments and classify CEL as an unregistered security. This decision holds significant implications for both creditors and the broader crypto community, as it sets a precedent for future legal battles in the industry.
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