According to a report by Bloomberg on March 20th, the bankruptcy trustee of Celsius has begun contacting customers who withdrew over $100,000 from the platform before its closure, in order to recoup potential outflows and repay customers who did not withdraw in time. According to the trustee, this clawback is expected to affect 2% of Celsius customers who collectively withdrew 40% of the company’s assets within 90 days prior to the company filing for Chapter 11 bankruptcy.
If the affected customers decide to reach a settlement, the committee will offer a “favorable rate,” and if they do not cooperate with the recovery process, the company will pursue legal action. Additionally, customers who choose to settle will have their nominal digital assets adjusted based on their value in July 2022, which was a low point in the cryptocurrency bear market. This means they will be able to retain any capital appreciation since the market’s recovery.
