Celsius Network has announced a new promotion for its customers, which will allow them to receive up to 72.5% of their crypto back. As part of the promotion, Celsius users can earn a large amount of cashback by depositing their crypto assets into the platform’s wallet. This offer is open to both new and existing Celsius customers, and the cashback rate varies depending on the type of crypto asset deposited. The promotion is a unique opportunity for crypto investors to earn a substantial amount of passive income on their holdings while also benefiting from Celsius Network’s innovative financial products and services.
Celsius Customers Can Receive Up to 72.5% of Deposited Crypto Back
A recent landmark decision by Justice Martin Glenn has ruled that Celsius customers can now receive up to 72.5% of their deposited crypto back. However, it’s important to note that the refund would not be instant in all cases.
Refund for Custody Accounts
It’s worth mentioning that the deal would primarily apply to Custody account holders, meaning that nearly 600,000 Earn investors would not benefit. Back in January, the court had already decided that Earn account holders had signed over their crypto to Celsius. As a consequence, the failed crypto lender obtained ownership of up to $4.2 billion worth of assets, $23 million of which were stablecoins.
When Celsius filed for bankruptcy, the company only had about $167 million worth of liquidity. However, the lender claimed to have about $4.3 billion in assets with $5.5 billion in liabilities, $4.7 billion of which were debts to customers or unsecured creditors. The January ruling effectively cut Celsius’ liabilities down to about $1.3 billion.
Half Up Front, Half By 2024
It’s important to note that those who wish to pursue their claims against Celsius to get all their money back are free to do so. However, those who want to get back at least some of their assets can now file for refund requests. 36.5% of crypto deposits will be refunded on the spot, with the remaining 36.5% to be paid out “upon plan resolution” or by the end of the year. Customers who choose the court-approved refund plan have 30 days to voluntarily opt in to the settlement.
The refund process will be sponsored by NovaWulf Digital Management, who will also provide equity in a new company, NewCo, for illiquid assets to the Earn customers who have been stiffed in the deal. It’s important to note that the remaining Earn customers will now have a choice between either getting almost three-quarters of their money back or pursuing further litigation.
In conclusion, Justice Martin Glenn’s decision has brought some relief to Celsius customers, and those who had an Earn account can now make an informed decision on whether or not to file a refund request. Nevertheless, it’s important to note that the process may take some time, and it’s best to exercise patience while waiting for a resolution.
– Can Celsius Customers Receive Up to 72.5% of Deposited Crypto Back?
– What to Know About the Recent Decision on Celsius Refunds.