Celsius Network seeks to extend customer claims deadline

The cryptocurrency lender intends to file a petition with the bankruptcy court, which will give users another month to file claims. During the Celsius Network bankruptcy proceedings, creditors who believe they are entitled to a refund have the right to bring claims through the courts. As of December 29, creditors have filed about 17,200 claims. Although not all Celsius users met the previously set deadline for filing claims, current administrative costs have already exceeded the amount of funds allocated for customer refunds. The fees charged by bankers, lawyers and other bankruptcy consultants have already exceeded $53 million, according to a Financial Times publication.. In comparison, Celsius has allocated only $44 million to return to customers. This amount represents a small portion of the $4.72 billion in client deposits held by Celsius and its users. The crypto community has reacted extremely negatively to the fact that Celsius's legal costs continue to rise and deprive most of the company's creditors of the chance for a refund.. On December 29, the Celsius team promised to move the application deadline from early January to early February. Earlier, the lending platform Celsius informed potential buyers that the deadline for submitting applications for participation in the auction had come to an end and the auction for the assets was scheduled for January 2023.