Celsius Network Reaches Settlements in Bankruptcy Case
Crypto lender Celsius Network has reached two settlements that will allow it to return assets to customers and end its bankruptcy proceedings. The settlements, totaling $78.2 billion in unsecured claims, will be reviewed by Judge Martin Glenn on August 10. The first agreement increases customers’ recoveries by 5% and resolves claims of fraud and misrepresentation by Celsius management. Customers can opt out of the settlement and pursue individual claims against Celsius. The second settlement offers a resolution for customers with funds in Celsius’ interest-bearing Earn, allowing them to receive a portion of their funds in crypto assets and compensation in shares of the new company emerging from bankruptcy.
Key Points:
– Celsius Network has reached two settlements in its bankruptcy case.
– The settlements total $78.2 billion in unsecured claims.
– The first settlement increases customers’ recoveries by 5%.
– Customers can opt out of the settlement and pursue individual claims.
– The second settlement provides a resolution for customers with funds in Celsius’ interest-bearing Earn.
Closing Thoughts
After facing bankruptcy and legal troubles, Celsius Network has made progress in resolving its financial issues and returning assets to customers. The settlements reached in the bankruptcy case offer increased recoveries for customers and provide a resolution for those with funds in Celsius’ interest-bearing Earn. While the road to recovery may still be challenging, these settlements mark a step in the right direction for the crypto lender.
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