As many of you know, Celsius filed for bankruptcy in New York last week. In light of this news, below I’ve aggregated relevant information for those of you unfortunately affected.
Please note, I am not a legal professional. If you are a Celsius customer wanting to understand your options, I strongly recommend seeking legal advice.
Also, whilst we as a supportive community are always here for one another—be it in our Discord server or Facebook group—please know that there are many reputable and caring organisations for those in need of additional support and information.
Information for Celsius Customers
Celsius published updated FAQs and a community update last week. These posts explain the implications of the bankruptcy filing on various stakeholders, including those with outstanding loans.
For customers with questions about the court process, Celsius suggests calling “the Company’s Claims Agent, Stretto, at +1 (855) 423–1530 (U.S.) or +1 (949) 669–5873 (international) or email[ing] [email protected].”
For inquiries related to loans, Celsius says to “please direct your inquiries to [email protected] and/or call our customer care team at 1–866–463–5669, Monday through Saturday from 10AM–11PM ET.”
Next Steps
Yesterday was the case’s first court hearing, and the next one is scheduled for August 10.
As per page 18 of Celsius’ first-day presentation—filed earlier this week—its next steps are as follows:
- Preserve value while negotiating a comprehensive restructuring transaction with stakeholders;
- Use bitcoin minted by mining operations to help fund mining operations and grow bitcoin holdings;
- Consider asset sales and third-party investment opportunities; and
- File and confirm a Chapter 11 plan that will (i) provide customers with the option, at the customers’ election, to recover either cash at a discount or remain “long” crypto, (ii) maximise returns for stakeholders, and (iii) reorganise the Celsius business.
How to Stay Updated
For updates on the bankruptcy case and communication from Celsius:
- Stretto has all information related to the case.
- You can opt-in to receive recurring email notifications of pleadings filed on the court docket for the case. (The orange ‘Subscribe’ button is near the bottom of the webpage.)
- Follow @CelsiusNetwork and hit the bell icon to get notified of new tweets by Celsius.
For discussion and commentary about the case and other Celsius-related matters:
- The r/CelsiusNetwork subreddit is very active and frequented by many apparent Celsius customers.
- In our community, Indigo has been extremely helpful in providing relevant information in her Facebook post. In Discord, I recently created this thread to talk about all things Celsius.
I know that some members have been impacted by Celsius’ filing and halting of withdrawals. For what it’s worth, I just want you to know that I’m thinking of you all and sincerely hoping you get a good outcome.