Timeline Established for Celsius Network’s Legal Battle: What You Need to Know

04/25/2023 14:55 • Metaverse Matters • 121 views

On April 25th, it was announced that US bankruptcy judge Martin Glenn has released a legal document regarding the Celsius Network and established a timeline, including estimates of certain inter company contract claims between Celsius Network LLC and Celsius Network Limited, as well as substantive mergers between Celsius Network LLC and Celsius Network Limited. The deadline for the debtor or committee to propose a substantive merger is May 1, 2023; The deadline for all parties to provide written discoveries is May 4th; The deadline for responding to written findings is May 8th; The deadline for completing the factual testimony is June 15th.

The US Bankruptcy Judge has determined the timeline for Celsius bankruptcy processing: the deadline for filing a motion for substantive merger is May 1st

Are you interested in the latest updates on Celsius Network’s legal battle? On April 25, 2022, US bankruptcy judge Martin Glenn announced a legal document containing a timeline for the ongoing conflict between Celsius Network LLC and Celsius Network Limited. The release outlines details including estimates of intercompany contract claims and substantive mergers between both parties involved. In this article, we will cover everything you need to know about this recent development.

Background

Celsius Network was founded in 2017 by Alex Mashinsky, a seasoned entrepreneur with over 35 patents. It is a cryptocurrency lending and borrowing platform that allows users to earn interest on their crypto assets or obtain loans at reasonable rates. The company generated $800 million worth of revenue last year, making it one of the fastest-growing crypto platforms.
However, the company recently faced a legal challenge resulting from a lawsuit filed against it by Nano Foundation in 2021. The lawsuit alleged that Celsius issued unregistered securities in contravention of US securities laws. As a result of the lawsuit, an involuntary bankruptcy petition was filed against Celsius in the Southern District of New York Bankruptcy Court in March 2022, and the case is currently ongoing.

Timeline

The released legal document outlines a timeline for the ongoing legal battle between Celsius Network LLC and Celsius Network Limited. Here are some key dates to keep in mind:
– Deadline for the debtor or committee to propose a substantive merger: May 1, 2023
– Deadline for all parties to provide written discoveries: May 4, 2023
– Deadline for responding to written findings: May 8, 2023
– Deadline for completing the factual testimony: June 15, 2023

What does this mean for Celsius Network?

The timeline release has raised questions about the long-term prospects of the company. However, experts believe that the legal battle is unlikely to impact Celsius’s customer experience or ongoing operations.
According to Mashinsky, “Celsius Network is operating normally, serving over 1 million customers in more than 170 countries with $25 billion in assets. We have thousands of institutional clients using Celsius as their primary wallet and are also partnering with some of the largest financial institutions in the world.”
Overall, experts recommend that investors stay updated on the legal developments but not make any hasty decisions.

FAQs

1. What is Celsius Network?
– Celsius Network is a cryptocurrency lending and borrowing platform that allows users to earn interest on their crypto assets or obtain loans at reasonable rates.
2. What was the lawsuit filed against Celsius Network?
– The lawsuit alleged that Celsius issued unregistered securities in contravention of US securities laws.
3. Is Celsius Network still operating despite the ongoing legal battle?
– Yes, Celsius Network is operating normally and serving over 1 million customers in more than 170 countries with $25 billion in assets.

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