Introduction to Celsius’ Revival Plan

So, you went to bed a crypto millionaire and woke up wondering who switched your fortune with that of a very confused sloth. Welcome to the wild world of Celsius Network, the company that decided to take a plunge into Chapter 11 bankruptcy last July 2022. Now, they’re back with a plan, and this time, it seems they’ve partnered with NovaWulf Digital Management to reshape the future for beleaguered customers.

The NovaWulf Involvement

On February 15, 2023, the U.S. Bankruptcy Court was briefly moist in anticipation as Celsius proudly unveiled their plan backed by NovaWulf. Their plan promises to revive the fortunes of many customers but attempts to do so while employing charm, wit, and some hefty financial strategy.

• NovaWulf’s cash contribution will range from $45 million to $55 million—talk about putting your money where your mouth is!
• The new public platform, dubbed NewCo, will be wholly owned by Earn creditors with all the power. Yes, that’s you, account holders!
• Any exasperated founders? They’re not getting a seat on this board, thank you very much.

The Compensation Distribution

For most of you struggling to remember what you had for breakfast, here’s the lowdown on how recovery works. If your claims are under $5,000, congratulations! You’re in the “Convenience Class” and will be receiving liquid crypto including BTC and ETH. It’s like a sweet crypto gift basket, and rumor has it, they’re even adding some USD Coin for that elegant touch!

Around 85% of those impacted are expected to recoup roughly 70% of their investments. So yes, a glimmer of hope is peeking out through the facade of despair.

Electing Class Benefits

For those of you smart enough to have poker faces and claim balances over $5,000, you might want to consider taking a trip to the Convenience Class. You get the option to reduce your claims and hop on that magic distribution train. You’ll be riding that train with the promise of residual crypto with future company equity. Fortune favors the bold, after all!

The Litigation Trust: Chasing Justice

The most thrilling part? A well-funded litigation trust will spring into action to pursue lawsuits against Celsius executives and ex-CEO Alex Mashinsky. And yes, this isn’t a Mr. Krabs type of situation where we just leave the wrongdoers alone while fishing for justice.

With this plan, Celsius aims not only to restore dignity but also hope for better crypto-based services in the future. Fingers crossed! What’s the moral of this story? Crypto is a rollercoaster. Buckle up!