SNEAK PEEK
- Celsius Network plans to take steps toward maximizing value for stakeholders.
- The network revealingly filed a motion requesting the authority to reopen withdrawals for specific Custody and Withhold accounts.
- Celsius Network asked the Court to consider redacting certain personally identifiable customer information in select materials.
In a recently released Twitter thread, Celsius Network has revealed that they are planning to focus on maximizing value for all the stakeholders and shared what they hope to be the first step towards meeting the expectations of the community.
As we continue to focus on maximizing value for all stakeholders, we want to share what we hope to be a positive first step towards meeting the expectations of our community and other important updates from our hearing today.
— Celsius (@CelsiusNetwork) September 1, 2022
As for the first step they took in the mentioned direction, Celsius filed a motion last night. In the motion, the firm requested the authority to reopen withdrawals for specific Custody and Withhold accounts.
Discussing the details related to these requests, we gathered that they are majorly focused on two categories of assets for users without outstanding loans. The first category involves those who are currently owed in Custody and Withhold accounts that were never in the Earn or Borrow Programs.
Talking about the second includes certain Custody and Withhold accounts where transfers from the Earn and Borrow Programs were less than $7,575 in the aggregate.
Celsius Network shared a tweet mentioning that they believe the cryptocurrency assets in the Custody and Withhold accounts likely don’t form property of the estate. However, they will be working with the UCC in order to determine which accounts might be impacted, subject to the approval of the motion.
The motion filed today will be considered at a later hearing and will be applied only to a certain group of customers. Furthermore, the tweet revealed that they are preparing to address matters that are associated with all the customers as they move forward.
Celsius Network will continue to pursue all the available avenues as fast as possible. Moreover, as they prepare to establish communication with the customers on a streamlined claims process in the coming weeks, they asked the Court to consider redacting certain personally identifiable customer information in select materials.
In addition to this, they revealed that they are going to work with the parties involved in the case in an effort to reach a consensus. The next hearing is currently scheduled for September 14, 2022. Celsius Network plans to look forward to continuing to keep its customers updated throughout the process.
