Celsius returns only 22% of users’ money
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Answer Celsius returns only 22% of users’ money
The new news was revealed during a September 1 hearing about a proposal seeking permission for Celsius Network debtors to reopen withdrawals for customers whose assets are kept in custody.
stated Ross Coastnets, partner with Kirkland and Ellis representing Celsius:
We do not rule out the possibility that we will return before we seek to release all custody funds, which may be subject to refund claims.
We haven’t gotten there yet.
The amount said to be withheld is between $200 and $215 million according to Celsius’ lawyers, who also detailed steps the company is exploring to protect the assets it currently owns.
These include stopping new loans, currency swaps, transfers, and suspending betting programs.Read:PayPal Bans Binance Users’ Account For Cryptocurrency Trading
The bankruptcy file revealed that Celsius owes its users about $4.3 billion, which made many wonder if it would raise more cash to pay the remaining funds while seeking to restructure and proceed with bankruptcy proceedings.
It was stated in the deposit:
After their analysis, the debtors identified significant crypto assets that they do not believe belong to them, and which the debtors do not believe they have any reason to act under applicable law.
In a related development, Celsius has filed a lawsuit against its former investment manager, asking to cancel millions of dollars in assets and return the company’s property after leaving the company.
It also engages unsecured creditors to explore financing options.
According to the bankruptcy filing, the company was valued at $3 billion after it raised $690 million in a series of multiple funding rounds in 2022.Read:Buying bitcoin is like investing in tech stocks early on, according to Paul Tudor Jones.
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