507 Capital founder ThomasBraziel told CoinDesk TV’s “First Mover” that CelsiusNetwork retail investors may recover only 50 cents to 60 cents on the dollar from the bankrupt crypto lender. _franvela reports.
Braziel said while it’s a “high likelihood” that retail customers will “get something back,” questions of when that will happen have yet to be answered. He said that a typical bankruptcy proceeding could take six to 18 months.
Braziel, who bought claims from creditors during the bankruptcy of Tokyo-based hacked bitcoin exchange Mt. Gox, said one difference between that situation and Celsius is the longer wait Mt. Gox creditors had to endure. Those creditors couldn’t sell their bitcoin but that ended up being to their benefit as bitcoin prices shot up astronomically during the bankruptcy proceedings.
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