Celsius customers receive up to 72.5 % of their crypto back
Celsius customers receive up to 72.5 % of their crypto back
Due to a pioneering decision by judge Martin Glenn, the courts have decided that Celsius customers can get up to 72.5 % of their paid cryptos, although the refund would not be done immediately in all cases.
reimbursement for depot accounts
The deal would only apply to deposit owners. Almost 600,000 Earn investors would not benefit from the fact that the court decided in January that owners of Earn accounts overwritten their cryptos to Celsius. This decision granted the failed crypto loan ownership of assets worth up to $ 4.2 billion, of which $ 23 million was stable coins.
To put this in the right light: When Celsius announced bankruptcy, the company only had liquidity worth around $ 167 million. It also claimed to have assets of around 4.3 billion US dollars with liabilities of $ 5.5 billion, of which $ 4.7 billion in debts or, as Celsius put it, it was unsecured believers.
The January judgment by Richter Glenn effectively reduced Celsius's liabilities to around $ 1.3 billion. In addition, attorney fees of almost $ 144 million were effectively subsidized by customer deposits, which makes the injury even worse.
The remaining EARN customers now have the choice of either getting back almost three quarters of their money or leading further legal disputes.
half in advance, half until 2024
While those who want to assert their claims against Celsius to get all of their money back, can do this, those who want to receive at least part of their assets can now make reimbursement applications. 36.5 % of the crypto inserts will be reimbursed immediately, the remaining 36.5 % should be paid "in the event of a plan" or by the end of the year.
insolvency court: the #Celsius The custody compensation is approved. Will be optional for customers. 30 days for review. Those who register receive 72.5 % of their claim in two distributions: 36.25 % in advance and 36.25 % in the event of a plan (or at the end of the year).
-cam-crews (@camcrews) 21. March 2023
customers who choose the court -approved reimbursement plan have 30 days to voluntarily choose the comparison.
“Depotine owners, including those with an outstanding loan that is owed to debtors within the framework of the debtor loan program, the possibility is given to register for the comparison within 30 days […]. to distribute authorized users.
The reimbursement process is sponsored from Novawulf digital management too Equity in a new company, Newco, will bring in for illiquid assets for the Earn customers who were stiffened by the business.
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