30. Dezember 2022 Von admin Aus

Celsius Network Requests Deadline Extension for User Claims in Bankruptcy Court

Bullet Points:

• Cryptocurrency lender Celsius Network is seeking a deadline extension for users to submit claims.
• The motion is scheduled to be heard by the bankruptcy court on January 10th.
• The deadline is currently slated for January 3rd.

Cryptocurrency lender Celsius Network has announced that they are preparing to file a motion requesting an extension to the deadline for users to submit claims. The bar date is currently scheduled for January 3rd, 2021 and the motion is set to be heard by the bankruptcy court on January 10th.

The filing for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York was made in July, following the unraveling of the Terra ecosystem tokens. According to the court filing by consulting firm Alvarez & Marsal, the company has estimated assets between $10 million and $50 million and liabilities between $100 million and $500 million.

The company noted that for now, the deadline is extended until the motion is heard by the Court. They assured users that they will provide further updates on the bar date as they become available.

Celsius Network was founded in 2017 and has since become a popular platform for users to earn interest on their cryptocurrency holdings. The company has also been offering loans in cryptocurrency to users and has been known to offer discounts on its services in exchange for users staking their tokens.

The filing for bankruptcy has caused a stir in the cryptocurrency industry and has raised questions about the security of users’ funds. While the company has reassured its users that their funds are safe and held in segregated wallets, the uncertainty has caused many to rethink their investments.

It remains to be seen if the bankruptcy court will grant the extension to the deadline for users to submit their claims. If approved, this would provide much-needed relief to users who are still in the dark about the future of their funds. It is hoped that the resolution of this matter will bring some much-needed clarity to the situation and help restore the trust of users in the cryptocurrency sector.