It hs been just revealed the fact that Clesius is marking a massive success in settling of more than $78 billion. Check out the latest reports below.
Celsius Network marks massive success
Celsius Network and its account holders have come to an agreement that could speed up the settlement of over 30,000 claims against the bankrupt crypto lender.
Court documents filed on July 20th show that many of the $78.2 billion in claims are seeking compensation for fraud, misrepresentation, and other non-contractual causes, which must be resolved before payouts can be distributed. Instead of resolving these issues, the parties have agreed, pending court approval, to increase the amount claimants will receive to cover the damages claimed.
“Unless and until those claims are resolved, the Debtors would have to ‘hold back’ distributions to creditors that could otherwise be paid out under the Plan. If the Settlement is approved, it will provide each Account Holder that does not opt out of the Settlement with a 5% increase of their Account Holder Claims (other than Custody Claims)…”
The notes continued and stated the following:
“A fully litigated resolution of all of the non-contractual claims that have been asserted against the Debtors would be a long and costly endeavor that would significantly delay distributions and may not ultimately lead to any change in recoveries.”
The crypto lender has managed to promise high yields to customers for depositing their coins, froze customer withdrawals in June of 2022 citing extreme market conditions. It filed for bankruptcy the following month.
Celsius Network in the news
Based on court documents, Celsius Network, a cryptocurrency lender that filed for bankruptcy, has made settlements that may enable them to return customer assets.
The Wall Street Journal reported on Friday that these deals would settle customer complaints linked to fraud accusations by increasing recoveries by 5%.
The report indicated that up to 30,000 claims seeking $78 billion could potentially be resolved. If authorized, Celsius will receive court approval for the settlements on August 10 during a hearing.
