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Usha Yadav
Sep 2, 2022
by Usha Yadav

 Celsius Network to Return $48M Customer Funds

Celsius Network

Table of contents

  1.  Celsius Suspended Withdrawals
Celsius Network Ltd., which started proceedings for Chapter 11 bankruptcy in July 2022, has filed a motion to restore tokens valued at about US$48 million to some holders. On October 6, there will be a hearing regarding the application. The information gets disclosed at a hearing on a motion to allow the Celsius Network debtors to reopen withdrawals for clients whose assets are being kept in custody on September 1.

Celsius Has Debut of  $4.3 Billion

According to Celsius attorneys, who also provided details on the measures the business is considering to protect its assets, the amount allegedly kept in custody is between $200 and $215 million. These include stopping future loans, currency exchanges, transfers, and staking schemes. According to the bankruptcy filing, Celsius owes its users almost $4.3 billion. Many people are speculating about how the company will be able to collect the additional monies necessary to pay off the outstanding debts while attempting to restructure and navigate the bankruptcy process.

The filing said, 

"Following their analysis, the Debtors have identified significant cryptocurrency assets that they do not believe are property of their estates, and as to which the Debtors do not believe that they have any colorable causes of action under applicable law,

 Celsius Suspended Withdrawals

After suspending withdrawals in June, Celsius filed for bankruptcy in July, blaming market conditions. According to its bankruptcy filing, the corporation owes over 100,000 creditors about US$4.7 billion in assets. To recoup "stolen" money, Celsius sued the former manager. In a separate event, Celsius sued Jason Stone and KeyFi Inc., its former investment manager, and firm respectively, seeking disgorgement of millions of dollars in assets and restoring the corporate property. Investigate funding options; it is also involving unsecured creditors.

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Celsius Celsius Network Chapter 11 Bankruptcy Customer Fund
 Celsius Network to Return $48M Customer Funds
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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