Key Points:
The proposed plan aims to offer creditors a restitution range spanning from 67% to 85% of their holdings, with a major portion of the reimbursements planned in Bitcoin and Ethereum.
Scheduled between August 24 and September 22, the voting procedure will involve a consortium led by notable entities like Arrington Capital and U.S. Bitcoin Corp.
The firm’s ex-CEO, Alex Mashinsky, faced fraud charges that led to his arrest in July. However, the company itself remained unindicted. Moreover, Celsius asserts that its plans to reimburse its customers will not be hindered by the $4.7 billion fine imposed on it by the Federal Trade Commission.
A legal case was brought forward by former director James in January, which foreshadowed an unveiled indictment last month. This indictment alleged that between 2018 and June 2022, Mashinsky masterminded a comprehensive scheme to mislead Celsius customers, artificially inflating the value of its proprietary token, CEL. Mashinsky, however, has categorically denied these charges.
Earlier proposed plans by Celsius involved creating a new entity owned by the creditors. This new company would have distributed around $2 billion in Bitcoin and Ethereum, with clients benefiting through equity participation.
The entity would have taken over Celsius’s mining operations, institutional loans, private equity, venture capital, and the $500 million investment in “liquid crypto,” as outlined in legal documents.
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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