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Celsius Network is planning to file a motion that would extend the deadline for users to submit their claims by another month, the bankrupt crypto lender informed via Twitter. The administrative expenses from the bankruptcy proceedings have already reached $53 million, and the continued delay is breaking away at Celsius’ estate.
Celsius announced in its December 29 tweet that “it is preparing to file a motion later this week requesting an extension of the bar date, which is the deadline to file a claim, from January 3, 2023, until early February. Our goal is to provide account holders with additional time to file any proofs of claim.”
Celsius is preparing to file a motion later this week requesting an extension of the bar date, which is the deadline to file a claim, from January 3, 2023, until early February.
In addition, “This motion is scheduled to be heard by the Court at Celsius’s hearing on January 10, 2023. For now, the deadline is extended until the motion is heard by the Court. The bankrupt crypto lender will provide further updates on the bar date as they become available.”
It can be seen that the claiming process lets the creditors who think they have a right to payment to file claims during bankruptcy proceedings. The creditors of Celsius had made more than 17,200 claims as of Dec. 29, 2022, reportedly.
On Dec. 28, 2022 The Wall Street Journal reported that, “Hundreds of FTX, Voyager and Celsius customers are parting with their accounts, selling for pennies on the dollar to deep-pocketed investment firms. Some crypto customers who have their accounts stuck in failed cryptocurrency companies are choosing to take a big loss on their investments now to avoid dealing with uncertainties in drawn-out bankruptcies.”
Millions lost funds in the collapse of FTX, Celsius Network LLC and Voyager Digital Ltd. Now they are seeking to sell their cryptocurrency claims at huge discounts so they don’t have to wait months or even years to see what they might recover as the platforms move through Chapter 11 Bankruptcy.
According to a Bloomberg report on Dec. 8, 2022, “the US Bankruptcy Judge Martin Glenn ordered Celsius Network LLC to return cryptocurrency that never touched the lender’s interest-bearing accounts to its customers. The order, delivered verbally in a hearing Wednesday, applies to a pile of crypto worth roughly $44 million in September. It’s a tiny a fraction of the billions of dollars of coins owed to Celsius users.”
© Copyright 2022. The Coin Republic
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