Leaked Plan Of Celsius (CEL) To Return The Money To Its Customers
✍️ 22 September, 2022 - 16:37 👤 Editor: Jakub Motyka
- Celsius recovery plan has been leaked.
- The plan includes issuance of new digital assets in the form of wrapped tokens.
- The market will be in charge of giving a value to your wrapped tokens.
Celsius, the cryptocurrency lending company, has a plan for the recovery and return of its funds to clients affected by its liquidity crisis. According to In a leaked recording, the team plans to create new wrapped cryptocurrencies as part of their plan to refund money from their platform.
Let us remember that the Celsius Network (CEL) platform was one of the most affected during the crypto winter. As a result of everything that happened with Terra (LUNA) and UST, it was necessary to declare bankruptcy, due to the impossibility of meeting its debt payments. Currently, it is doing everything possible to restructure its capital and recover the money of its users.
What Is The Recovery Plan Of Celsius (CEL) About?
According to the recording provided by Tiffany Fong, Celsius client and public figure in charge of leaking the information, the team plans to distribute wrapped tokens. This new cryptocurrency denominated with the prefix Cx, will be related to Celsius's debt and the money available in its payment funds. In other words, customers who have BTC in their wallets, will receive CxBTC.
In this way, customers will be able to redeem their wrapped tokens at any time. Its valuation will depend on the availability of funds within the payment wallets, and the criteria of the market itself. Nuke Goldstein, CTO of Celsius, argues that the debt gap will gradually close, thanks to the income from mining cryptocurrencies, the staking of ETH and the actions they are taking.
Celsius Network Recovery Progressing Slowly
According to Fong, Celsius's goals may have changed, given recent events and the state of the market. The recording was made sometime in August, and so far there has been no sign of the movements that were raised at the meeting. Celsius' recovery plan may have been modified days after we received the material.
Meanwhile, legal actions against the company continue. The judge in charge of the case made the decision to appoint an external examiner to investigate Celsius's actions. This, due to the contradictions perceived in the testimonies of the executives and the "serious financial irregularities". For now, the Celsius Network fight continues.
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