Celsius Customers Question Interim CEO on Bankruptcy Repayment Plan
- Celsius customer assets have been frozen since June 2022
- Creditors slated to be part-owners of new crypto mining firm
The plan also provides legal protections for advisers who will be distributing crypto to creditors.
Photographer: David Williams/BloombergCelsius Network LLC customers whose assets have been trapped on the failed crypto lender’s platform questioned the firm’s acting chief executive officer about fluctuations in the company’s native token and its plans to partially repay creditors with stock in a new Bitcoin mining business.
Nearly a dozen customers cross-examined Celsius Interim CEO Chris Ferraro, who testified Tuesday in New York bankruptcy court in support of the company’s plan to partially repay creditors and resolve its Chapter 11 case. The hearing gave customers a chance to probe Ferraro, who has guided Celsius through bankruptcy, while their assets remain in limbo.
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Celsius Customers Question Interim CEO on Bankruptcy Repayment Plan