Celsius’ new offer to save from bankruptcy!

Bankruptcy firm Celsius Networks Inc. (LLC) has reached a settlement that may ease its trial process in court. The company has proposed that if many account holders want to participate in the settlement of the management lawsuit, it will pay 5% more than the claimed amounts.

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According to a WSJ report, the agreements reached by Celsius could allow the digital currency lender to more easily obtain court approval for a bankruptcy discharge and repayment of customer assets.
In a joint settlement, Celsius Network and the unsecured creditors’ committee announced that they have agreed to settle the committee’s class-action fraud claim against Celsius with an award to account holders of assets they receive in the company’s Chapter 11 plan. They claimed that this would lead to cost savings and speed up the return of digital currencies to customers.
According to the agreement, a settlement plan filed by Celsius and a committee of unsecured creditors on Thursday, more than $70 billion in fraud and other claims against Celsius are currently pending and not related to obligations under customer contracts.
Any account holder can choose not to participate in the settlement and still seek to prove their claims against debtors, the statement said. Account holders known as “Custody” have not been included in the settlement due to their negotiation and agreement with Celsius Company in March.
According to the committee’s attorney, Aaron Kolodny, according to an email sent Friday, the settlement will reduce legal fees and reduce the amount of cryptocurrency Celsius needs for the disputed claims.
The bankrupt cryptocurrency exchange previously agreed to a $4.7 billion settlement with the Federal Trade Commission. Celsius’ former CEO, Alex Machinsky, was arrested last week on federal securities fraud charges.