- Celsius has received approval for the bar date on Jan 3, 2023.
- Celsius network mentions “that data and asset security remain a top priority for all”.
Celsius, the bankrupt crypto lender has received approval for the bar date on Jan 3, 2023. The bar date is the deadline for the Celsius customer to file the claim for the entities the held until July 13. That is before the date, the network went into bankruptcy.
This week, the bankruptcy court approved our motion to set the bar date, which is the deadline for all customers to file a claim. The bar date has been set for January 3, 2023.— Celsius (@CelsiusNetwork) November 20, 2022
And, the next date for court proceedings is scheduled on Dec 5th, where further argumentation on the custody and withholds accounts will be taken into consideration. The promise of the Celsius network is also the same as every other crypto platform in the current market situation, “that data and asset security remain a top priority for all”.
Though the schedule of liabilities has been estimated to confirm the bar date by the end of October. The court finalized it on 20 Nov only, and the whole proof of claims process is getting delayed overall.
Shobha Pillay, Celsius examiner’s appointment by the judge in September, has submitted a report. As the report, the custody program has set its front foot “without sufficient accounting and operational controls or technical infrastructure”.
The negligence by the firm has placed the customers now in a confused state, about whether their assets belong in the filing for bankruptcy. Also, looking at the Withhold program, Shobha mentioned minimal or no efforts were made to separate any assets.
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