As bankruptcy proceedings for major firms affected by the 2022 market crash are underway, CelsiusNetwork custody account holders can soon reclaim 72.5% of their crypto holdings.
A bankruptcy judge overseeing the bankruptcy case for crypto lending platform Celsius Network has approved a settlement plan allowing custody account holders to get back 72.5% of their crypto holdings.off on an agreement allowing Celsius custody account holders the right to receive 72.5% of their crypto claims provided they approve of the settlement.
Under the agreement, the claimants cannot “pursue any litigation, including seeking relief from the automatic stay, turnover, or other claims or causes of action” and digital assets not part of the settlement will be controlled by the Celsius debtors.Custody settlement is approved. Will be optional for customers. 30 days to review. Those who opt in will get 72.5% of their claim in two distributions 36.25% up front and 36.25% upon plan resolution .
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