April 19, 2024
Celsius Network's $2B Bitcoin and Ethereum Return Plan Approved
Latest Cryptocurrency News

Celsius Network’s $2 Billion Bitcoin and Ethereum Return Plan Gets Green Light

Joel E. Cohen, who serves as a mathematician and biologist in his role as Celsius Network’s valuation adviser at Stout Risius Ross, has officially verified the accuracy of the fair value of certain assets and liabilities held by the debtors as of May 31, 2023.

After a prolonged period of deliberation, the majority of Celsius creditors recently voted in favor of a plan that will result in the return of approximately $2 billion worth of Bitcoin and Ethereum to the creditors. Just two days after achieving consensus on Celsius’ reorganization plan, a court filing on September 28th confirmed the accuracy of the valuation of the debtors’ assets and liabilities. Stout Risius Ross conducted comprehensive evaluations of cryptocurrency assets, loans, and alternative investments. In a declaration submitted to the New York bankruptcy court, Cohen outlined the methodologies employed in the valuation analysis and ultimately stated, “Based on my work and the consideration of information and methodologies, I am confident that the valuation report accurately represents the fair value of certain assets and liabilities held by the debtors as of May 31, 2023.”

According to a disclosure statement filed on August 17th, approximately $2 billion will be distributed among creditors, and the plan will also involve the allocation of equity in a new entity provisionally referred to as “NewCo.” In a situation similar to this, the bankruptcy court in New Jersey approved the liquidation plan of BlockFi, a bankrupt cryptocurrency lending platform. The amount received by BlockFi’s unsecured creditors as repayment will largely hinge on the outcome of BlockFi’s legal battle against FTX and other bankrupt cryptocurrency firms.

Image by pixabay

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