Celsius (CEL): request for the return of 50 million USD in cryptocurrencies to certain customers

The latest developments around the bankruptcy proceedings of Celsius pushed the CEL token above the $1.50 mark, making it the best performing token of the day – and week – among the top 100 assets by market capitalization. The CEL token is currently trading at around $1.49 and is up 33% in one day and 25% in one week.

Source: Adobe/FellowNeko

After declaring bankruptcy over the summer, Celsius found itself embroiled in protracted legal wrangling in court in the Southern District of New York. Legal authorities will ultimately determine the fate of the company’s assets – and dozens of creditors waiting to see what happens to the funds they have tied up in Celsius’ programs.

The last hearing took place yesterday, and took place in the space of three hours. During it, the parties discussed whether or not to seal creditor information and questioned which account holders might be allowed to make withdrawals. Celsius, on the other hand, has demand the court to allow it to honor its debts to some of its customers using its asset deposit services.

The company is seeking approval to release tokens worth approximately US$50-56 million for certain depository account holders.

Celsius’s terms and conditions state that program tokens earn and Borrow belong to the assets of the company. And that could create a problem for some customers: The company said it will need to perform an analysis to determine whether customers who have transferred funds from Earn and Borrow programs to deposit accounts are eligible for withdrawals. About $200 million in customer funds still sit in Celsius’ deposit accounts, according to company documents previously filed with the court.

But on Twitter, the company has writing that while its request for payment of $56 million in funds “only applies to a certain group of customers”, it is now preparing to deal with matters relating to all other customers.

Celsius added:

“We continue to explore all available remedies as quickly as possible.”

The company called this proposed release of funds “phase 1” of its efforts on this front. The motion will be considered at a special hearing on September 14, the company wrote. However, legal documents show a full hearing to be held on October 6.

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Celsius (CEL): request for the return of 50 million USD in cryptocurrencies to certain customers


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