I'm sure at this point, most of us are familiar with the CEX Celcius drama. Let's quickly review it...
I just want to clarify that the thumbnail picture is from the Forbes Article entitled "How Crypto Innovator is Challenging Fed Policy. " Forbes paid off articles age wonderfully.
June 13 22- Celsius pauses customer withdrawals, swaps, and transfers between accounts.
- CEO Alex Mashinsky is supposedly barred from leaving the country.
- Celsius finishes paying back it's loan from Maker Protocol, effectivley retrieving their collateral.
- Celsius files for Chapter 11 bankruptcy. The company stated that they will attempt to restructure in a fashion “that maximizes value for all stakeholders,” citing $167m to avoid complete insolvency in the meantime. Bankruptcy value is said to be between $1-10b, with over 100,000 creditors.
July 19- Celsius lawyers contest that participants in the "Earn" and "Borrow" programs have effectively signed over complete usage rights to Celsius. Participants in the "Custody" program are not held to such liabilities. See below.
It looks like U.S. non accredited investors might be the only ones to get money back (for once). We'll see how this unfolds.
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