Celsius Network Appeals for Deadline Extension: Affected Customers Unhappy

• Celsius Network [CEL] has filed a motion with the US Bankruptcy Court to extend the deadline for affected customers to file their claims from 3 January to 9 February.
• The filing stated that this extension is necessary to ensure that all Retail Account Holders can receive notice of the Extended General Claims Bar Date and have the opportunity to take advantage of the extra time to file proofs of Claims.
• Comments from its Twitter disclosure showed that affected customers were not in accordance with the request, as Celsius has failed to revive significantly after repeated capitulation.

Celsius Network, a crypto lending firm, recently appealed to the United States Bankruptcy court to extend the deadline to allow all its affected customers to file their claims. Initially, the court set 3 January as the deadline, but the troubled company has been unable to meet up with the target date, prompting the need to file the motion. The motion read, “The Bar Date Extension Motion seeks the Court’s approval to extend the General Claims Bar Date to February 9, 2023 (the „Extended General Claims Bar Date“). A prompt resolution of the Bar Date Extension Motion is imperative to ensure that all Retail Account Holders can receive notice of the Extended General Claims Bar Date and have the opportunity to take advantage of the extra time to file proofs of Claims.”

The filing stated that this extension is necessary to ensure that all Retail Account Holders can receive notice of the Extended General Claims Bar Date and have the opportunity to take advantage of the extra time to file proofs of Claims. The plea for an extra month was met with opposition from affected customers, as comments from its Twitter disclosure showed that they were not in accordance with the request.

Celsius has been struggling to revive its fortunes since it halted withdrawals mid 2022. This was one of the reasons the market failed to revive significantly after repeated capitulation. Very recently, the company’s new CEO announced that mining rigs were helping with recording positive cash flow, but the technical outlook still remained bearish. In the interim, the crypto firm has been unable to recover, as development activity, according to Santiment, remains at an all-time low.

The United States Bankruptcy court will now have to decide if the motion to extend the deadline for affected customers to file their claims is granted or not. If granted, this would give customers more time to file their claims and hopefully, the company would be able to revive its fortunes and become a major player in the crypto lending space.