{"id":598920,"date":"2024-03-21T01:00:31","date_gmt":"2024-03-21T01:00:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=598920"},"modified":"2024-03-20T19:28:34","modified_gmt":"2024-03-20T19:28:34","slug":"celsius-fights-to-reclaim-2-billion-withdrawn-prior-to-bankruptcy-declaration","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/celsius\/celsius-fights-to-reclaim-2-billion-withdrawn-prior-to-bankruptcy-declaration\/","title":{"rendered":"Celsius Fights To Reclaim $2 Billion Withdrawn Prior To Bankruptcy Declaration"},"content":{"rendered":"

According to a Bloomberg report, Celsius Network, the <\/span>crypto platform<\/span><\/a> that filed for bankruptcy in July 2022, demands that major customers who collectively withdrew over $2 billion before the bankruptcy return those funds to avoid potential litigation.\u00a0<\/span><\/p>\n

An oversight committee formed during Celsius’s Chapter 11 case has begun contacting customers who withdrew more than $100,000 during the period leading up to the company’s bankruptcy filing. This recovery effort aims to repay creditors <\/span>who did not withdraw<\/span><\/a> funds from Celsius.\u00a0<\/span><\/p>\n

Settlement Offered To Celsius Users\u00a0<\/span><\/h2>\n

Per the <\/span>report<\/span><\/a>, the oversight committee’s recovery process will impact around 2% of Celsius users who, in total, withdrew approximately 40% of the platform’s assets within the 90 days preceding the Chapter 11 filing.\u00a0<\/span><\/p>\n

Celsius reported $6 billion in assets, 1.7 million registered users, and 300,000 active users with account balances exceeding $100 at the time of bankruptcy.\u00a0<\/span><\/p>\n

Related Reading: Crypto Expert Reveals Why XRP Price Will Rise 1,700% To $10<\/a><\/div>\n

Notably, the oversight committee has offered customers who may face clawback suits a settlement option, providing them with a \u201cfavorable rate\u201d if they choose to settle.\u00a0<\/span><\/p>\n

Customers who opt for settlement would have their potential <\/span>liabilities <\/span><\/a>determined based on the value of their assets at the time of their 2022 withdrawals. This means that settling customers would retain any appreciation in the value of their digital assets resulting from the surge in crypto prices over the past year.<\/span><\/p>\n

Legal Consequences If Settlement Offer Is Declined<\/span><\/h2>\n

According to Bloomberg, customers who decline to settle may be subject to significantly more liability through potential litigation. The committee’s letter warns customers about the potential consequences of not accepting the settlement offer.<\/span><\/p>\n

In November, a bankruptcy judge approved Celsius’ plan to distribute billions of dollars in assets and transform into a <\/span>creditor-owned Bitcoin mining firm<\/span><\/a>. According to a court filing by the company’s lawyers, Celsius has already distributed around $2 billion in assets.<\/span><\/p>\n

Related Reading: Shiba Inu May Rise 250% Pre-Bitcoin Halving, Predicts SHIB Team<\/a><\/div>\n

Overall, Celsius Network’s oversight committee is pursuing the recovery of over $2 billion in withdrawals made by major customers shortly before the company filed for <\/span>bankruptcy<\/span><\/a>. By offering settlement options based on the value of assets at the time of withdrawal, Celsius aims to alleviate potential litigation and expedite the repayment of creditors.\u00a0<\/span><\/p>\n

As the process unfolds, impacted customers decide to settle potential liabilities or face potential litigation with potentially higher consequences.<\/span><\/p>\n

\"Celsius\"
The daily chart shows CEL’s price trending downwards. Source: CELUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Currently, the network’s native token, CEL, is trading at $0.1862, reflecting a significant year-to-date decline of over 49%.<\/span><\/p>\n

In shorter time frames, the token has experienced a 12% decline in the last 24 hours, a 32% decline in the last week, and a 27% decline in the last fourteen days, highlighting the limited interest and lack of confidence among investors in the CEL token.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

According to a Bloomberg report, Celsius Network, the crypto platform that filed for bankruptcy in July 2022, demands that major customers who collectively withdrew over $2 billion before the bankruptcy return those funds to avoid potential litigation.\u00a0 An oversight committee formed during Celsius’s Chapter 11 case has begun contacting customers who withdrew more than $100,000 during the period leading up to the company’s bankruptcy filing. This recovery effort aims to repay creditors who did not withdraw funds from Celsius.\u00a0 Settlement Offered To Celsius Users\u00a0 Per the report, the oversight committee’s recovery process will impact around 2% of Celsius users who, in total, withdrew approximately 40% of the platform’s assets within the 90 days preceding the Chapter 11 filing.\u00a0 Celsius reported $6 billion in assets, 1.7 million registered users, and 300,000 active users with account balances exceeding $100 at the time of bankruptcy.\u00a0 Related Reading: Crypto Expert Reveals Why XRP Price Will Rise 1,700% To $10 Notably, the oversight committee has offered customers who may face clawback suits a settlement option, providing them with a \u201cfavorable rate\u201d if they choose to settle.\u00a0 Customers who opt for settlement would have their potential liabilities determined based on the value of their assets at the time of their 2022 withdrawals. This means that settling customers would retain any appreciation in the value of their digital assets resulting from the surge in crypto prices over the past year. Legal Consequences If Settlement Offer Is Declined According to Bloomberg, customers who decline to settle may be subject to significantly more liability through potential litigation. The committee’s letter warns customers about the potential consequences of not accepting the settlement offer. In November, a bankruptcy judge approved Celsius’ plan to distribute billions of dollars in assets and transform into a creditor-owned Bitcoin mining firm. According to a court filing by the company’s lawyers, Celsius has already distributed around $2 billion in assets. Related Reading: Shiba Inu May Rise 250% Pre-Bitcoin Halving, Predicts SHIB Team Overall, Celsius Network’s oversight committee is pursuing the recovery of over $2 billion in withdrawals made by major customers shortly before the company filed for bankruptcy. By offering settlement options based on the value of assets at the time of withdrawal, Celsius aims to alleviate potential litigation and expedite the repayment of creditors.\u00a0 As the process unfolds, impacted customers decide to settle potential liabilities or face potential litigation with potentially higher consequences. Currently, the network’s native token, CEL, is trading at $0.1862, reflecting a significant year-to-date decline of over 49%. In shorter time frames, the token has experienced a 12% decline in the last 24 hours, a 32% decline in the last week, and a 27% decline in the last fourteen days, highlighting the limited interest and lack of confidence among investors in the CEL token. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":598921,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86559],"tags":[86358,86759,86202,83722,86563,91453,86197,86204,91452,91147,86562,86560,86561,6664,91449,1558,54512],"class_list":["post-598920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-celsius","tag-cel","tag-cel-price","tag-cel-token","tag-celsius","tag-celsius-bankruptcy","tag-celsius-crypto","tag-celsius-liquidation","tag-celsius-network","tag-celsius-network-news","tag-celsius-news","tag-celsius-price","tag-celusd","tag-celusdt","tag-crypto","tag-crypto-celsius","tag-cryptocurrency","tag-defi"],"acf":[],"yoast_head":"\nCelsius Fights To Reclaim $2 Billion Withdrawn Prior To Bankruptcy 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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