Crypto debt platform that went bankrupt last year Celsius is preparing to return crypto assets to its customers, according to the latest court developments. Celsius Network (CEL) has obtained permission from US judge Martin Glenn to vote on the redistribution plan with its customers.
If the bankrupt crypto company’s plan is accepted, investors will be able to return two-thirds of the altcoin units they have entrusted. The committee, which represents the small investors that will receive loans from Celsius, will encourage customers to approve the distribution plan. However, some creditors oppose the plan, Reuters reported.
If the redistribution plan is approved, Celsius customers will get back some of the remaining crypto assets in the company. After the end of the return process, the bad debt platform is expected to be handed over to a consortium called Fahrenheit Group.
Fahrenheit will offer Celsius on the Nasdaq after purchasing $50 million of the company’s stock. In this way, customers will have the opportunity to compensate some of their losses by selling the stocks they bought.
US-based cryptocurrency company Celsius became one of the first startups to file for bankruptcy in the summer of 2022, when the bear market began. Founder Alex Manshinsky faced multiple charges such as customer deception and corruption. According to official data, there are more than 650,000 customers who have loaned Celsius $4.4 billion for passive income.
CEL Price
Altcoin unit CEL linked to the sunken crypto company has been depreciating for a long time. CEL, which was $ 8 on the days of its launch on the OKX stock market, is currently trading at $ 0.14.
