Celsius custody account holders can receive 72.5% of their crypto, says bankruptcy judge

May 26, 2023 | Turner Wright

The chief judge of the bankruptcy of Celsius Network, an online loan platform responsible for managing passwords, has approved a settlement plan that allows depository account holders to retrieve 72.5 per cent of their passwords.

At a hearing on march 21st, us bankruptcy judge George Glenn signed an agreement allowing Celsius depository account holders to receive a password of 72.5 per cent of claims if settlement was allowed. Under the agreement, the claimant cannot mention all lawsuits, including relief for fully automatic interruptions, sales or other claims or reasons for litigation, and the digital currency that is not part of the settlement agreement will be manipulated by the ℃ debtor.

The settlement between the unsecured creditors committee, Celsius debtors and a working group of special account holders is the latest news on the borrowing platform's case in US bankruptcy court for the Southern District of England since it filed for bankruptcy protection in July. The closed channel was announced in February that NovaWulf Digital Management will act as an advertiser for the restructuring plan, which proposes that more than 85 per cent of Celsius customers will repair about 70 per cent of their passwords.

Judge Glenn ruled in January that Celsius's calculated interest income plan contained more than $4 billion in assets attributable to the borrowing platform. However, in a ruling last December that returned about $44 million of passwords to Celsius users, the presiding judge authorized Celsius debtors to sell $7.4 million worth of Bitmain coupons when needed.

During the collapse of the sales market in 2022, bankruptcy liquidation procedures for key password companies have been carried out by foreign people's courts, which is currently an unsuccessful environment for signatures, Silicon Valley and silver gates in the United States. On 17 March, debtors in the FTX bankruptcy of the password trading centre reported a vacancy of approximately $7 billion between booked assets and liabilities.