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The settlement order also includes various additional conditions for the affected individuals who have withdrawn the stipulated amount.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

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...
Enregistrer un commentaire
Lire la suite

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...
Enregistrer un commentaire
Lire la suite

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...
Enregistrer un commentaire
Lire la suite