Celsius Requests the US Court to Schedule the Bar Date

Court Directs Celsius Network to Return $44M in Cryptocurrencies
  • Celsius asked the court to schedule the bar date, which is the deadline for clients to submit proof of claim.
  • The proof of claim form is accessible through the Stretto website.

Celsius Network, the crypto lending platform has a recent update to its customers on the proof of claim process amid the ongoing bankruptcy filing in the U.S. Court. According to the latest tweet from Celsius, the platform issued a request to the US Court to set the bar date, which is the deadline for clients who seek to submit evidence of the claim. The hearing for the petition is scheduled for 1st November, as per Celsius.

The firm is currently moving through the Chapter 11 restructuring process, following the suspension of customer accounts in July. 

A New Move for Customers

The proof of claim form is available on the Stretto website. As per Celsius, the customers will receive clear instructions regarding file claiming after the processes have been approved by the court. The Stretto website will send the information to the email address associated with the customer’s Celsius account. At that time, the claim form for crypto assets will be available to the users. 

Celsius added:

Upon submitting your form online, you will receive a confirmation email with a reference number for your proof of claim. If you choose to mail your claim, you will need to submit two copies with a self-addressed and stamped return envelope to receive confirmation of receipt.

Furtherly, Celsius will validate all the submitted claims to its records after the Bar Date. The allowed claims will be paid out under the Chapter 11 Plan after all claims have been compared and authorized by the US Court.

Recommended For You

A passionate content writer, particularly interested in sports writing. Always keen to explore crypto world.