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Celsius Network reimbursement plan

By The Numbers: How Many Celsius Creditors Voted For The Reimbursement Plan

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amid the Celsius bankruptcy plan in which creditors are to decide the next step, creditors of the crypto lender have voted in favor of a reimbursement plan – a vote that involves the sale of Celsius assets to a consortium.

Creditors Decide Next Steps For The Crypto Firm

On Monday, September 25, 2023, creditors of the crypto firm voted in favor of a reimbursement plan as its bankruptcy plan. The reimbursement plan will enable creditors to get back their funds and equity through a newly formed company called “NewCo.” 

According to the filing from bankruptcy firm Stretto, it has seen over 95% of creditors vote in favor of the reimbursement plan. The crypto firm also took to X to announce the results of the votes.

Related Reading: Why This Former SEC Lawyer Wants Charges Brought Against Sam Bankman-Fried’s Parents

However, the reimbursement plan is now in the hands of the United States Bankruptcy Court for the Southern District of New York and it is yet to be completed. The plan’s final approval will be made at a confirmation hearing set for October 2, 2023.

The hearing will also determine the redistribution of approximately $2 billion worth of Celsius crypto assets to the firm’s creditors.

According to the Disclosure Statement, the newly formed entity NewCo will be controlled by The Fahrenheit Group, a consortium of crypto-native individuals and organizations.

Celsius entered an agreement with the Fahrenheit Group for the firm to become a plan sponsor to provide Celsius with funding and operational expertise. The group successfully took possession of Celsius assets this year.

The statement also noted that NewCo aims to build out the debtor’s Bitcoin (BTC) mining operations, Ethereum (ETH) staking, monetization of debtor’s other liquid assets, and the development of new, value-accretive, and regulatory-compliant business opportunities.

Allegations Against Celsius And Former CEO 

Bankruptcy has not been the only challenge the crypto firm has faced this year as several allegations were raised against the crypto firm and its CEO Alex Mashinsky in 2023. 

For starters, the US Securities and Exchange Commission (SEC) filed a lawsuit against the company and its former CEO for fraudulent acts and manipulation of the price of Celsius tokens (CEL) on July 13, 2023.

The company and Mashinky also faced separate lawsuits from other regulatory bodies including the Commodity Futures Trading Commission (CFTC), and the Federal Trade Commission (FTC).

The CFTC filed a complaint against Mashinsky and Celsius for engaging in a scheme to defraud hundreds of thousands of customers by mispresenting the safety and profitability of its digital asset-based finance platform. 

Related Reading: Binance Crypto Exchange Reveals Fears Ahead Of MiCA Regulation

The FTC also filed a complaint against the company for violation of the Federal Trade Commission Act in connection with the marketing and sale of cryptocurrency lending and custody services.

Mashinsky was then arrested in New York in July 2023, amid an ongoing investigation into Celsius’ collapse. Mashinsky and Celsius Chief of Revenue Officer Roni Cohen-Pavon were charged for years of misleading customers on the market value of the company’s value, and interest in CEL. 

However, Mashinsky pleaded not guilty and he was released from custody on a $40 million bond but his banking and real estate assets have been ordered to be frozen by the court.

Celsius (CEL) price chart from Tradingview.com (Reimbursement plan)

CEL token at $0.13 | Source: CELUSDC on Tradingview.com
Featured image from Cryptopolitan, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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