Accéder au contenu principal

Celsius Network Goes After Large Investors In Massive Crypto Clawback

Celsius Network has taken a decisive step by releasing a new filing, requesting account holders who withdrew $100,000 or more worth of crypto within the 90 days leading up to the network’s bankruptcy petition date to promptly return the funds.

Celsius Pre-Bankruptcy Withdrawal Funds Recovery

Bankrupt cryptocurrency lending company Celsius Network has issued a filing for the settlement of Withdrawal Preference Exposure (WPE) to the United States Bankruptcy Court. The crypto lending platform submitted the official court filing on Thursday, January 9. 

The court filing which targets large investors has requested account holders with WPE of $100,000 and higher to make a settlement payment back to the insolvent crypto company or face legal action. 

The settlement order also includes various additional conditions for the affected individuals who have withdrawn the stipulated amount. 

According to Celsius, creditors “who are not excluded parties, did not vote to reject the plan on any claims, who did not opt out of the releases under the plan, and who made the WPE settlement payment” will be notified via email to settle their liability.

In contrast, account holders with WPE of $100,000 or less are exempt from making a settlement pay. Additionally, these individuals will not be receiving an email outlining the settlement procedures. 

Celsius Network has issued a deadline of January 31 to make all settlement payments. The filing has disclosed that debtors must receive 27.5% of the WPE on or before the deadline date. Furthermore, account holders can settle their WPE payments using cash, Bitcoin (BTC), or Ethereum (ETH).

The court filing has also disclosed that Celsius creditors who opt to settle before the deadline will be granted a release of all avoidance actions and provided distributions under the insolvent crypto lending company’s reorganization plan. 

Consequently, those who fail to settle by the deadline will have their withdrawal preference exposure handled by the Litigation Administration, potentially leading to legal actions to recover the preference they received. 

Total market cap at $1.66 trillion | Source: Crypto Total Market Cap on Tradingview.com

Celsius Network Attaches Conditions For Settlement Deadline

Celsius Network has included several strict conditions to its WPE settlement deadline. According to the filing, account holders who are planning to initiate their settlement payments are requested to submit an election form on or before January 25. Additionally, debtors will begin accepting completed forms by January 17. 

The election form will disclose the WPE settlement amount that creditors have previously resolved, along with the remaining amount they are obligated to fulfill. 

Additionally, the filing has stated that account holders settling their payments on or within the few days following January 17, can receive early distributions alongside other creditors. While account holders who make their payments by January 31, may experience a delay in their initial distributions.

Featured image from PYMNTS, chart from Tradingview.com


Source link

The post Celsius Network Goes After Large Investors In Massive Crypto Clawback appeared first on Job From Home Blog.

Libellés :

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Jojobet (464)

Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Jojobet bahis adresi ua – En Güvenilir Bahis Sitesi 2021 Geri dönüşü yüksek bir heyecana hazır olun! Heybetli rekabet atmosferinde keyifli bir oyun deneyimi sunan öncü bir bahis platformuna hoş geldiniz. İnternetin en güvenilir ve güçlü adreslerinden biri olarak, size en üst düzey kalite standartlarına sahip online bahis fırsatlarını sunmaktan gurur duyuyoruz. Bahis ve şans oyunları tutkunlarının beklentilerini aşan kapsamlı hizmetlerimizle sizi unutulmaz bir yolculuğa çıkarmak için buradayız. Profesyonel ekibimiz, Türkiye’nin en donanımlı ihtiyaçlarına uygun olarak sürekli yenilenen bahis seçenekleriyle geniş bir kumarhane atmosferi ile etkileyici deneyimler sunar. Farklı spor dallarında eşsiz tahmin ve analiz araçlarıyla dolu olan platformumuz, kazandıran oranlarla sizden tam not alacaktır. En yeni teknolojik yazılım alt yapımız sayesinde, kesintisiz ve sorunsuz oyunculuk deneyiminin tadını çıkarabilirsiniz. Şansın, yetene...
Enregistrer un commentaire
Lire la suite

Space loves AI, AI doesn’t love Space

Space-related applications of artificial intelligence and machine learning are often confined to the ground because moving AI onboard satellites, while promising, is significantly more difficult. “Running AI in space is like running a marathon on the moon — impressive if achieved, but limited by the environment,” said Sylvester Kaczmarek, chief technology officer at OrbiSky Systems, a London startup focused on AI edge operations. Advanced processors are power hungry, meaning satellites with onboard AI require large solar panels and extra batteries. Plus, “radiation in space can fry electronics,” Kaczmarek said. Power management is another problem. Many AI devices require very high currents at low voltages. “The demands that AI devices place on power management are new to the space industry,” said Bert Vermeire, Voyager Space chief technology officer. “There are no good solutions with space heritage and it is difficult to identify efficient and small form factor power and manageme...
Enregistrer un commentaire
Lire la suite

Earn BIG Commissions in 2023

In this post, we’re looking at the best niches for affiliate marketing . So, if you’re struggling to choose a niche for your blog or YouTube channel, this list will help. In this list, you’ll learn some key information to help you determine which is the right niche to choose for you. Information like: How big the niche is and its market share The products you can promote Sub niche ideas And some commission rates you can expect Keep reading. Best Niches for Affiliate Marketing We’ve researched and broken down 21 of the best niches for affiliate marketing, so you don’t have to. Let’s dive in. 1. Artificial Intelligence The Artificial Intelligence industry has exploded in recent years and is projected to be valued at close to US$2 trillion by 2030. That’s what makes this one of the best niches for affiliate marketing today. There is also a wide range of AI tools to promote with generous commissions. For example, LinkWhisper is an AI content optimization tool for SEO of...
Enregistrer un commentaire
Lire la suite