Law Decoded, Aug. 29–Sep. 5: Celsius is ready to give money back, but not much
Crypto lending platform is ready to return $50 million out of $210. United States-based crypto lending platform Celsius, which collapsed and stopped the withdrawal option amid the market meltdown in June, pledged its readiness to partially return money to customers. However, there’s a catch — as the company has filed a motion with the United States Bankruptcy Court, its pledge would only apply to Custody and Withold Accounts and for custody assets worth $7,575 or less in value.The community response to the motion has been mixed, with some creditors happy to get back at least some of the....
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The final Law Decoded moves away from specific news to reflect on the biggest legal issues facing crypto. Editor’s noteLadies and gentlemen, it is bittersweet to welcome you to the final installment of Law Decoded, at least with yours truly at the helm. Though someone may pick this newsletter back up at some point, there are no plans to do so now.Taking advantage of the rose-tinted glasses or maybe the graduation goggles that are in effect for this final newsletter, I will be shaking up the format. As last week’s Law Decoded focused on a few long-standing stories in crypto, this week, I....
It has now been more than one year since crypto lender Celsius Network filed for bankruptcy, leading to a rollercoaster 13 months for investors so far. However, there may finally be an end in sight for users who have their funds stuck on the platform as it looks like Celsius is getting ready for fund […]
Under intense pressure, Celsius, an experimental cryptocurrency lender, cracked under heavy pressure and was forced to file for bankruptcy in July. However, the CEO of the company recently revealed an outlandish proposal to his staff. Attempts are being made to give the company a badly needed shot in the arm. Leaked audio of the Celsius Network meeting […]
Celsius, one of the top crypto lenders, halted withdrawals on its platform last week due to a terrible liquidity crisis. And now, the crypto lending network has stated that it will take more time to get back on track financially as they are still recovering from financial crises. Celsius is a cryptocurrency lending and interest-paying […]
The embattled crypto lending platform Celsius has kept withdrawals and transfers frozen since June 12 and told the Celsius Network community that the “process will take time.” Since then, Celsius users are wondering why they are still receiving weekly rewards, and reportedly the company’s management has been arguing with its lawyers over whether or not the business should file for Chapter 11 bankruptcy. However, most of the Celsius articles these days are quoting ‘people familiar with the matter,’ and ultimately these sources cannot be verified. Celsius....