Celsius Network LLC, et al.

On Jul 13, 2022, Celsius Network LLC, et al. and certain affiliates filed for chapter 11 bankruptcy in the Southern District of New York. The cases are pending before the Honorable and jointly administered under Case No. 22-10964.

On July 13, 2022, Celsius Network LLC and certain affiliates filed for chapter 11 bankruptcy in the Southern District of New York. The cases are pending before the Honorable Martin Glenn and jointly administered under Case No. 22-10964.

Celsius Network LLC, et al.

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On Jul 13, 2022, Celsius Network LLC, et al. and certain affiliates filed for chapter 11 bankruptcy in the Southern District of New York. The cases are pending before the Honorable and jointly administered under Case No. 22-10964.

On July 13, 2022, Celsius Network LLC and certain affiliates filed for chapter 11 bankruptcy in the Southern District of New York. The cases are pending before the Honorable Martin Glenn and jointly administered under Case No. 22-10964.

As recently as March 2022, Celsius had announced plans to take the company public, but recent events including the implosion of crypto hedge fund Three Arrows Capital, a crash in crypto prices and general market jitters following other dislocations in the crypto markets triggered a “run on the bank” and a collapse in the company’s assets from $22.1 billion USD equivalent in March to just $4.3 billion USD equivalent on the eve of the filing. Now, over 1.7 million customers have found themselves creditors wondering when and to what extent they will be able to obtain liquidity and recover their losses, which amount to a collective $5 billion USD equivalent.

The case has created significant new legal questions related to the treatment of crypto assets in bankruptcy, crypto token valuation, and the right to receive in-kind distributions. Given the company’s marketing and its CEO’s public statements in the months leading up to the bankruptcy, parties are also gearing up for a fight over the consequences of such representations for the individuals involved. Indeed, only weeks before its bankruptcy filing, Celsius had touted its “transparency”, “military grade security” and strong capitalization available to support crypto deposit withdrawals. The company’s motto “banks are not your friends” was intended as a rebuke of TradFi (traditional financial institutions), but nearly all of Celsius’ customers are now questioning whether they would have been better off keeping their cash in traditional bank accounts and their crypto in their own cold storage wallets. 

Customers and other creditors are eagerly seeking resolution to access their funds, obtain early liquidity or best position themselves for a long wait in chapter 11 as the myriad legal issues get litigated.

Creditors are asking how to maximize their recoveries, how much do they stand to lose by waiting for the case to resolve and what options do they have to obtain liquidity today and move on?

Everyone’s situation is different and Xclaim is here to help those interested in seeking liquidity today get fair value through a transparent and efficient marketplace.

Below are links to key filings that may impact your recovery. This is not an exclusive list and we encourage you to visit the claims administrator's case page or review the official court docket to see all documents that may be relevant to this case.

Debtors' Proposed Plan of Reorganization