Leaked Audio Emerges of Celsius' Bankruptcy Plan

Celsius, a crypto company that collapsed into bankruptcy in spectacular fashion, has had a discussion pertaining to its failure leaked on the internet. Posted by Tiffany Fong, she has also included a transcription of the audio as well as her opinion of the discussion.

Timeline of Celsius

The legal team requested the court appoint a committee representing certain shareholders or the case could end up "inappropriately and inequitably skewed in favor of the customers."

Celsius shareholders have requested an official legal representation that would represent their interest in the bankruptcy proceedings, according to a September 22 court filing. The post Celsius shareholders want their own legal representation in bankruptcy case appeared first on CryptoSlate.

Celsius, a bankruptcy ridden digital asset lending company is dealing with legal trouble amid the crypto downturn. However, its shareholders have now filed a motion to set up a committee in order to get the required representation.

A new recording has emerged of Celsius Network Co-founder Nuke Goldstein discussing the plan to use "crypto-based solutions" to repay its Earn customers and revive the company's fortunes.

Two equity holders in bankrupt crypto lending platform Celsius filed a motion for a committee to represent their interests in court case. The post Celsius investors file for ‘fiduciary' to advocate for them in bankruptcy case appeared first on The Block.

After complaints from the U.S. Trustee, Celsius Network has finally filed an operating report showing a detailed breakdown of the revenues and expenses of business entities with a substantial or controlling interest.

During a company all-hands meeting two weeks ago, CEO Alex Mashinsky was captured on tape discussing a plan to restart the business, code-named Kelvin. The creditor committee, which safeguards clients' and creditors' rights during the bankruptcy procedure, acknowledged that Mashinsky had met with them and made a proposal.

Another recording of Celsius leadership indicates the firm's proposal includes issuing tradable wrapped assets to customers. The post Celsius revival plan appears to include issuing wrapped assets appeared first on The Block.

Sasha Hodder – founder of Hodder Law Firm – has mentioned the U.S. trustee overseeing the Celsius Network bankruptcy proceedings is seeking the aid of an independent examiner due to the company not being transparent enough.

The Celsius bankruptcy is still active, and a recently exposed all-hands meeting recording suggests that the company wants to try to implement a revival strategy. The Committee of Unsecured Creditors (UCC) overseeing the Celsius bankruptcy doesn't appear to support the proposal, though.