Celsius Customers’ New Bar Date Is Scheduled For April 28

Key Points:

• Celsius has set its new Bar Date so that creditors may file evidence of claim by April 28, 2023.
• For contract issues relating to the Earn, Custody, and Withhold programs, only Celsius Network LLC is accountable.
• Customers with Custody accounts might get up to 72.5% of their deposited cryptocurrency back in two distributions.

After the Customer Contract Decision, Celsius just stated that it is changing its scheduling after months of litigation. This change allows you to provide proof of claim within the specified time range. The new deadline, dubbed the Bar Date, is scheduled for April 28, 2023.

According to the Celsius Unsecured Creditors Committee (UCC), Judge Glenn said in the recent customer claim ruling that consumers might submit contract claims for crypto-only against Celsius Network LLC. Customers are not barred from bringing non-contractual claims against all of the Debtors as a result of the ruling.

The court has issued a Bar Date Order, which establishes deadlines for filing proofs of claim, accepting procedures and notifications, and providing relevant remedies.

Another court order has extended the Bar Dates, and the Debtors have updated their Schedules and Statements to reflect that only Celsius Network LLC is responsible for contract claims related to the Earn, Custody, and Withhold programs, and only Celsius Lending is responsible for contract claims related to the Borrow program.

Moreover, no claims for fraud or other non-contractual claims have been scheduled by the Debtors, and account holders who desire to assert such claims must submit a proof of claim by April 28, 2023. The Schedules and Statements’ worldwide notes.

Celsius previously disclosed that it had struck an agreement with the Custody Ad Hoc Committee and the UCC on a Settlement that would restore most digital assets in the Custody Program to account holders who opted into the Settlement. Individual custodial account holders would get their 72.5% claim in two distributions, putting the bankruptcy case one step closer to closure.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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