Bankruptcy judge approves 72.5% settlement for Celsius account holders
US bankruptcy judge approved, Martin Glennon the settlement agreement for cryptocurrency storage account holders with Celsiusto receive 72.5% of their cryptocurrency claims.
Also read: “Novawolf” makes a deal with “Celsius” to help end its bankruptcy
There will be a review of the settlement agreement within 30 days, and clients who agree to the settlement will receive payment in two tranches of 36.25%, with the first installment paid in advance, while the second installment will be paid by the end of the year.
On the other hand, the settlement agreement comes with additional conditions, as customers who accept the settlement will lose their right to file other claims, in addition to the fact that the settlement clause does not cover the employees of the company. Celsius and other insiders, who may have played a role within the company.
Noteworthy, that the breakdown Celsius One of the major setbacks for the cryptocurrency industry in 2022 was when the company froze customer accounts in June 2022, citing dire market conditions.
One month later, the company filed for bankruptcy, marking the beginning of legal proceedings, which have continued to date.
Turn the face of the judge Glenn An order to the company on December 7, 2022, to return $44 million worth of cryptocurrency to its customers.
As this amount was considered a small part of the total amount owed by the company, which was said to run into the billions, this matter affected cryptocurrency storage account holders, who had nothing to do with the accounts. Celsius Earn.
In a related context, the same judge ruled on January 4, 2023, that all the money is in a program Celsius Earn, It is owned by the company under the terms of use of the software, adding that the lending platform owns all rights and title to these eligible digital assets.
Also read: United States: Appointment of the creditors committee in the “Genesis Global” bankruptcy case
The latest ruling, handed down on March 21, 2023, marks another step in resolving one of the notable setbacks in the crypto industry.
