The twitter feed for the Celsius Networks Official Committee of Unsecured Creditors
Joined August 2022
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The Plan has gone effective and the Debtors have started the process of making cryptocurrency and cash distributions!
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More information can be found in the notice of the Effective Date, which can be accessed here: cases.stretto.com/public/x19…
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Update Distribution FAQS can be found here: celsiusnetwork.medium.com/ce…
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A reminder for borrowers that the deadline to submit election forms is tonight at midnight Eastern Time. Additional information can be found in the notice at the following link: cases.stretto.com/public/x19…
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Making an election to repay the principal amount of your loan (and receive an equal amount of BTC or ETH) or to receive more information on refinancing your loan is optional. If you take no action, your Retail Borrower Deposit Claim will receive the Set Off Treatment.
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Borrowers should have received (or will soon receive) a notice detailing the options under the Plan. A copy of that notice can be accessed at the following link: cases.stretto.com/public/x19…
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The deadline to submit an Election Form, if you would like to submit one, is January 17. Please read the notice so that you can make an informed choice on what option is best for you.
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The Debtors have updated their Frequently Asked Questions on Distributions which can be accessed at the following link: cases.stretto.com/public/x19…
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The Debtors will update this weekly with additional information until the Effective Date.
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Yesterday, the Court issued an opinion and order approving the Orderly Wind Down / MiningCo transaction. The approval will allow the Debtors to commence liquid cryptocurrency distributions on the Effective Date. It also authorizes the creation of a new Bitcoin mining company owned by creditors.
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The opinion can be accessed at the following link: cases.stretto.com/public/x19…
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We believe the Debtors remain on track for the Effective Date to occur at the end of January.
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We were told this morning that the issues Celsius was having with Facebook’s login portal have been resolved. Account holders should now be able to log in with their Facebook credentials.
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Custody withdrawals for those that accepted the Custody Settlement are now open! More information below.
29 Nov 2023
Beginning today, additional withdrawals for Eligible Custody Users are now available. Please note that the only assets currently available for withdrawal are certain Custody Assets; all other cryptocurrency remains unavailable for withdrawal at this time.
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After the Bankruptcy Court entered the Confirmation Order, we learned that the Debtors were informed by the SEC that it would not grant the requested pre clearance to transfer the illiquid assets or Ethereum to the proposed new company.
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We anticipate moving forward quickly and understand the Debtors are preparing to file a motion with the Court shortly after the Thanksgiving holiday.
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The Debtors remain on track to commence distributions in January 2024.
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