Celsius initiates recovery of large pre-bankruptcy withdrawals
Celsius Creditors withdrawing $100k+ pre-bankruptcy face legal action and must comply for future distributions. Celsius’ post-bankruptcy Bitcoin mining focus approved; Ethereum unstaked for timely creditor repayments. Legal challenges persist; CEO Alex Mashinsky faces fraud charges; $4.7B FTC settlement hinges on successful bankruptcy completion. In a strategic move amidst its post-bankruptcy revival, Celsius, the crypto lending platform, has taken a bold step to recover from its financial turmoil. The company is now demanding a 27.5% return on substantial withdrawals made just before its bankruptcy filing. This marks a crucial development in Celsius’ ongoing efforts to navigate regulatory challenges and fulfil its commitments under the reorganization plan. The lender recently said it would unstake $470M Ethereum in readiness for creditor repayments. Celsius enforces 27.5% return of funds from creditors Celsius recently issued notifications to c...