Celsius Shareholders Call For Equal Representation latest News

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Bankruptcy-ridden digital asset lending company Celsius is dealing with legal trouble amid the crypto meltdown. However, its shareholders have now filed a motion to constitute a committee to obtain necessary representation.

This Token Has Surged 20 In The Crypto Crash By CryptomarketBag

Is Celsius in another trouble?

According to sawdust, shareholders are required to have their own fiduciary in immediate Celsius bankruptcy proceedings. The crypto lending firm filed for bankruptcy in the month of July, when the global crypto market recorded a historic collapse. The event also bought major crypto firms such as Voyager Digital and Three Arrows Capital.

The report said the committee of unsecured creditors is looking to maximize value for customers. Meanwhile, there is no stakeholder who presents the firm on the table that favors the interests of the equity holders.

It mentioned that the committee members would endeavor to ensure that equity holders get equal space with key stakeholders. However, when the debtors cease to act in the interest of the equity holders, they will act responsibly.

Getting away with Ponzi Scheme?

However, the matter will be heard on October 6. Meanwhile, Celsius Network recently said that it would start its claim process soon. While he is expected to intensify talks on return at the next hearing on October 7.

Earlier, Coingape reported that filings show that more than 40 US state regulators have decided to engage in the Celsius bankruptcy case. They are also examining its operations and financial statements.

The Vermont Department of Financial Regulation even alleged that Celsius was involved in running the Ponzi scheme.

In the market, the Celsius token is down 7% in the last 24 hours. As of press time, CEL is trading at an average price of $1.52. The token was badly hit by the collapse of the firm. It is down 81% from its all-time low of $8.02.

Ashish believes in decentralization and has a keen interest in developing blockchain technology, the cryptocurrency ecosystem, and NFTs. His goal is to create awareness about the growing crypto industry through his writings and analysis. When he’s not writing, he’s playing a video game, watching an exciting movie, or going out for an outdoor sport. reach me [email protected]

Celsius Shareholders Call For Equal Representation latest News CryptomarketBagCelsius Shareholders Call For Equal Representation latest News CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.

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