Crypto lender Celcius Network  Releases Recovery Plan Here is What Traders Should Know

Crypto lender Celcius Network  Releases Recovery Plan Here is What Traders Should Know

Celsius Network

The post Crypto lender Celcius Network  Releases Recovery Plan Here is What Traders Should Know appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

After bankruptcy, the CeFi lender is planning an ambitious comeback by offering crypto custodial services. According to the New York Times, the Celsius Network is one of many companies that have been hit hard by the pandemic. The company, which headquarters are based in the USA, was forced to declare bankruptcy in July.

In July, Celcius froze their customers’ accounts which left behind many confused individuals. However, this news brought hope to retrieve the millions of dollars held to ransom.

CEO Alex Mashinsky denied rumors that the company was insolvent in the weeks leading up to the announcement. The company also said that it would be able to repay all of its obligations to depositors.

Celcius had already experienced a sharp decrease in price, even before the customers’ accounts were frozen. The value of the CEL token had fallen from a high of $8.25 in June to almost half by the time the announcement was made.

The recovery Plan ” Project Kelvin”

The Celcius CEO Mashinsky addressed that the company would use a recovery plan called “project Kelvin” where the customers will get back their deposit and the next part will be returning the rest of the coins. “It’s not like we don’t want to give back coins or that we’re somehow delaying the process. It’s in our best interests to let as many individuals in custody get their money as soon as possible.” Mashinsky said.

According to a tweet, the Celsius Unsecured Creditors community disagrees with Kelvin in that more pressing issues have yet to be addressed, and the entire procedure may be a “stalling tactic.” It is still unclear when exactly depositors will get their funds back, but Mashinsky’s statements offer some hope that the process may not take as long as initially feared.

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: