Large cryptocurrencies such as Polygon, Cardano, Chainlink and Litecoin are also affected by the sales. These four billion-dollar projects will probably remain unimpressed by the exchange, which is scheduled to begin on July 1st.
Users who only held their funds with Celsius and did not participate in the Earn Program will not be affected by the sale. These systems remain in their original form.
The new restructuring plans shock customers. Many users on Twitter are very critical of Celsius’ ideas. But it’s not just the ongoing desire to regain access to one’s investments that’s to blame.
Rather, it is also about a new plan to pay off creditors with so-called set-offs . Many creditors suspect that this plan results in only a fraction of the monies owed being repaid.
However, in order for it to be carried out at all, it would first have to be approved by the competent New York bankruptcy court. According to lawyer David Adler, it is questionable whether this will happen.
“This proposed ‘treatment’ violates all consumer protection laws (state and federal) and the group of borrowers will oppose this plan.” So eagle.
At the same time, Adler announced legal action against the implementation of the idea in a tweet. On Twitter, many users now assume that they will only get back up to 25 percent of the money they initially lent should the court confirm the plan.
Celsius promised investors a return of up to 17 percent per year on investments. For a long time it was unclear whether there would be a repayment at all. In May, Fahrenheit LLC acquired Celsius.
Fahrenheit wants to make several hundred million dollars in profits from an estimated total value of two billion dollars and feed the bankruptcy estate into a new company called NewCo.
According to the current status, this should primarily be dedicated to Bitcoin mining. Celsius once acquired its own mining equipment, which is now idle.