• Celsius has requested an expedited hearing for a motion to extend the deadline for submitting proofs of claim and grant related relief.
• The hearing will be held remotely via Zoom for Government on Jan. 10, at 11:00 am ET.
• Parties that wish to appear at the hearing must make an electronic appearance through the court’s website by 4:00pm ET on Jan. 9.
Celsius Network LLC and its affiliated debtors recently filed a motion on Dec. 30, 2022 to extend the Bar Date — the deadline for all customers to file a claim. This is due to the roughly $53 million spent on ‘administration expenses’ through the bankruptcy case, which sparked concerns from customers of the cryptocurrency platform. To allow customers to have the opportunity to recover their funds held in Celsius, an expedited hearing has been requested for the motion to extend the deadline for submitting proofs of claim and related relief.
The hearing will take place remotely via Zoom for Government on Jan. 10, at 11:00 am ET. It is important for all parties that wish to appear at the hearing to make an electronic appearance through the court’s website by 4:00pm ET on Jan. 9. The filing of the motion has caused a wave of emotions amongst users, some of whom expressed concern in the thread announcement. Fears included funds being wasted and “lawyers procrastinating for profit.”
The purpose of the motion is to give customers a chance to recover their funds held in Celsius, and it is important for those affected to be aware of this opportunity. The platform is providing users with a chance to have their claims heard and considered, although it is important to remember that cases like these can take a long time to be resolved. With this extension filed, customers can now wait longer before they are given the opportunity to recover their funds held in Celsius. In the meantime, customers are encouraged to stay informed and updated on any news regarding the motion and the hearing so that they can be sure their rights are being protected.