After Celsius declared bankruptcy, creditors will be required to return a portion of funds withdrawn in excess of $100,000 or face lawsuits; users who withdrew less than $100,000 will not be required to return their funds but will be required to vote to accept the reorganization plan.Celsius plans to increase liquid cryptocurrency distributions to account holders after it emerges from bankruptcy in early 2024, and will be managed by Mining NewCo.
Celsius creditors who withdrew more than $100,000 from Celsius in the three months prior to July 13, 2022, the date Celsius declared bankruptcy, will have to return some of their funds or be sued, according to a notice to creditors issued by the Celsius receiver.The notice says Celsius will soon send letters to the accounts in question instructing them to pay 27.5% of the funds withdrawn during the period of impact.If they comply, they will be eligible to receive future distributions under the plan of reorganization.Additionally, subscribers who withdrew less than $100,000 won't have to return their funds, but they'll still have to vote to accept the plan instead of opting out of the plan.
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