The long wait for Celsius's damages payouts
Celsius wants to extend the window for damage claims.
Celsius wants to extend the window for damage claims. The reason? Celsius wants to give affected users more time to submit potential evidence of claims.
The company says: "Celsius is preparing to file later this week a request to extend the closing date, the deadline for filing a claim, from January 3, 2023 to early February."
According to information from Stretto, there have been about 17,000 claims filed so far by creditors demanding reimbursement of funds. An extension at first glance seems benevolent, but actually leads to great frustration among the affected parties. They want to know as soon as possible whether and how much of their money they will get back. Many see the request as yet another unnecessary delay.
Also the fact that dozens of millions of euros will flow to defending lawyers in the settlement (while customers probably get nothing) has caused outrage.
On July 13, 2022, Celsius Network LLC and some of its subsidiaries filed for bankruptcy with the U.S. Bankruptcy Court for the Southern District of New York.
