The Latest in the Celsius Bankruptcy Saga
As the financial whirlwind surrounding Celsius continues to swirl, the U.S. Bankruptcy Court in the Southern District of New York has dropped a new deadline like it’s hot. Yes, folks, the clock is ticking for those who want to file claims against this former titan of digital assets!
Key Filing Deadline Details
Mark your calendars: if you’re looking to get in line for claims, do it by January 3, 2023, at 5:00 PM EST. This applies broadly to all entities — individuals, partnerships, corporations, joint ventures, and trusts — everyone wants a piece of that Celsius pie. Remember to submit a proof of claim; do it right or don’t do it at all!
Celsius Steps Up the Communication Game
To ensure that no one is left in the dark like a celebrity at a 3 AM party, Celsius took to Twitter, posting detailed instructions alongside a video aimed at demystifying the claims process. Because nothing screams clarity like a well-produced Twitter video!
The Gory Details of Mismanagement
Did someone say “insufficient accounting controls”? An independent examiner recently alleged that Celsius clearly had some holes in its operational checkbook. It’s like realizing you’ve been one beer short of a six-pack since the summer — shocking, but not too much of a surprise in retrospect.
Regulators on High Alert
Regulators are treating Celsius like a high-stakes game of poker, keeping a keen eye on the proceedings. A court ruling back on November 1 kicked off a deeper dive into whether Celsius was, in fact, channeling its inner Ponzi scheme. Yeah, using new customers’ assets to pay off existing deposits doesn’t exactly win you any pats on the back!
The Bigger Picture: Crypto Catastrophes
While all of this drama unfolds, let’s not forget about the equally intense FTX debacle, which has left over a million creditors shaking their heads. Just a week after going bankrupt, FTX announced it’s starting a review of its global assets. Who knows how long it will take for those funds to trickle back to bewildered investors! Some lawyers are already predicting recovery could take longer than it takes to get your tax refund — and that’s saying something!
In a twist of irony reminiscent of a bad plot twist, former FTX CEO Sam Bankman-Fried previously made noise about acquiring Celsius’ assets—talk about throwing a boomerang.
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