Celsius Seeks $2 Billion Withdrawn Before Bankruptcy
- Advisers targeting large withdrawals before 2022 bankruptcy
- About 2% of Celsius users will be impacted by return demand
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Advisers overseeing the wind-down of Celsius Network LLC are demanding major customers who collectively withdrew more than $2 billion from the crypto platform just before it filed bankruptcy return those funds to avoid potential litigation.
An administrator overseen by a committee formed during Celsius’s Chapter 11 case has begun contacting customers who withdrew more than $100,000 from the platform in the lead-up to the company’s July 2022 bankruptcy. Assets recovered through this process will help repay creditors who didn’t withdraw funds from Celsius, according to a letter the committee is sending targeted customers.