Wednesday, March 29, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News celsius network

Celsius Network Reaches Bankruptcy Court, Crypto Contagion Still In Effect?

news by news
January 4, 2023
in celsius network, News
0
Celsius Network Reaches Bankruptcy Court, Crypto Contagion Still In Effect?
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Ripple Lawsuit Pending Verdict Fueling XRP Price?

Breaking: Ex-FTX CEO SBF Using Alameda Money For Legal Defense: Forbes

Celsius Network Reaches Bankruptcy Court, Crypto Contagion Still In Effect?

Beleaguered crypto lender Celsius Network on Wednesday said it has filed a motion with the bankruptcy court to extend the Bar Date, which is the deadline for all customers to file a claim, to next month. Celsius says the reason is to give users another month to submit their claims, but creditors believe the firm is wasting time and legal fees. The crypto contagion is still in effect.

Celsius Network Stretching Crypto Contagion to 2023

Celsius Network in a tweet on January 4 revealed that a motion has been filed in the U.S. Bankruptcy Court for the Southern District of New York to extend the Bar Date, which is the deadline for all customers to file a claim.

The motion will be heard on January 10, 2023. If the motion is approved by the bankruptcy judge, the Bar Date to file claims will be extended to February 9, 2023. Meanwhile, Celsius has created a video for creditors to help with the claims process.

Celsius has committed only $44 million to be returned to customers. Also, Celsius’ creditors had made over 17,200 claims as of December 29. Last week, the crypto lender stated that the goal is to give creditors enough time to file claims.

However, customers have no intention of restructuring and simply want their money back. The reason is due to wasting millions in legal fees by Celsius by extending the timeline of returning funds. Simon Dixon, a shareholder in Celsius, noted that Core Scientific shutting down Celsius crypto mining equipment will impact the creditors’ claim process. It could be the exact reason behind Celsius filing a motion to extend the deadline.

Contagion Still In Effect

The crypto contagion may continue to impact the crypto market growth in 2023. From Terra to the FTX crisis, customers are yet to receive their money back from bankruptcy processes. Sam Bankman-Fried pleads not guilty to all charges in a New York court on Tuesday. He received almost a year free as Judge Lewis A. Kaplan set the trial to October 2.

Meanwhile, customers of bankrupt crypto firms lose hope to get their money back. Therefore, contagion could still exist in early 2023. Experts anticipate a crypto market rally in the second half of 2023.

Also Read: FTX Task Force Formed To Speed Up Recovery of Customer Funds

The post Celsius Network Reaches Bankruptcy Court, Crypto Contagion Still In Effect? appeared first on CoinGape.

Related Posts

Ripple Lawsuit Pending Verdict Fueling XRP Price?
24/7 Cryptocurrency News

Ripple Lawsuit Pending Verdict Fueling XRP Price?

March 29, 2023
Breaking: Ex-FTX CEO SBF Using Alameda Money For Legal Defense: Forbes
24/7 Cryptocurrency News

Breaking: Ex-FTX CEO SBF Using Alameda Money For Legal Defense: Forbes

March 29, 2023
Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament
24/7 Cryptocurrency News

Breaking: Australia Introduces Crypto Market Regulation Bill In Parliament

March 29, 2023
Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why
24/7 Cryptocurrency News

Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why

March 29, 2023
XRP Price Spikes By 18%, Breaches $0.56 level; What’s Happening?
24/7 Cryptocurrency News

XRP Price Spikes By 18%, Breaches $0.56 level; What’s Happening?

March 29, 2023
Breaking: Do Kwon To Appeal Passport Forgery Case In Supreme Court, Delaying Extradition
24/7 Cryptocurrency News

Breaking: Do Kwon To Appeal Passport Forgery Case In Supreme Court, Delaying Extradition

March 29, 2023
Next Post
Crypto Exchanges In India Lose Billions Since Tax Regulations: Report

Crypto Exchanges In India Lose Billions Since Tax Regulations: Report

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Bithumb Largest Shareholder Exec Dies By Suicide: Report

Bithumb Largest Shareholder Exec Dies By Suicide: Report

December 30, 2022
Ethereum Price Today: ETH Falls By 0.70% As Shanghai Upgrade Gets Delayed

Ethereum Price Today: ETH Falls By 0.70% As Shanghai Upgrade Gets Delayed

March 6, 2023
Breaking: Credit Suisse & UBS Under U.S. Investigation For Evading Russian Sanctions

Breaking: Credit Suisse & UBS Under U.S. Investigation For Evading Russian Sanctions

March 23, 2023
Terra Luna Classic Community Votes On Key Proposal Returning Binance LUNC Burn

Terra Luna Classic Community Votes On Key Proposal Returning Binance LUNC Burn

February 22, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In