{"id":74916,"date":"2023-03-02T17:32:43","date_gmt":"2023-03-02T15:32:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=74916"},"modified":"2025-09-10T02:26:56","modified_gmt":"2025-09-09T23:26:56","slug":"celsius-creditors-approve-novawulf-plan-to-recover-70-for-small-depositors","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/celsius-creditors-approve-novawulf-plan-to-recover-70-for-small-depositors\/","title":{"rendered":"Celsius creditors approve NovaWulf plan to recover 70% for small depositors"},"content":{"rendered":"

The creditors committee of the Celsius Network has agreed<\/a> with the proposal from NovaWulf Digital Management to settle the debt. It is expected that clients with deposits under $5,000 will recover 70% of their funds, The Block<\/a> reports.<\/p>\n

Users with larger claims will be entitled to tokenised shares in the new company, run by NovaWulf. Assets will be tradable through a registered broker-dealer on the Provenance platform.<\/p>\n

\n

\u201cWhile the committee will consider all options until the plan is approved and becomes effective, we believe the deal with NovaWulf is the best viable alternative at this time,\u201d<\/em> the statement said.<\/p>\n<\/blockquote>\n

Court filings show Celsius received nine bids for acquisition and 40 expressions of interest in a possible deal.<\/p>\n

NovaWulf plans to invest between $45 million and $55 million in the platform and add new products such as payment cards, factoring, trade finance and wealth-management services.<\/p>\n

Earlier, the judge approved<\/a> the sale of Bitmain miner-related coupons worth $7.4 million.<\/p>\n

On 13 June 2022, Celsius paused withdrawals, exchanges and transfers<\/a> between accounts.<\/p>\n

One month later the platform filed for bankruptcy<\/a> under Chapter 11 of the U.S. Bankruptcy Code<\/a>. The company\u2019s liabilities exceeded its assets by $2.85 billion<\/a>.<\/p>\n

In September, CEO Alex Mashinsky left<\/a> the post of chief executive.<\/p>\n

Earlier in 2023, the New York Attorney General accused the Celsius CEO of deceiving investors ‘by billions of dollars’<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The creditors committee of the Celsius Network crypto-lending platform has agreed with NovaWulf Digital Management’s debt settlement proposal. It is expected that clients with deposits under $5,000 will recover 70% of their funds, The Block reports.<\/p>\n","protected":false},"author":1,"featured_media":74917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,1162],"class_list":["post-74916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=74916"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74916\/revisions"}],"predecessor-version":[{"id":74918,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74916\/revisions\/74918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/74917"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=74916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=74916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=74916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}