Celsius Plan Would See Smaller Creditors Reclaim 70% of Assets

Celsius Network Ltd has proposed a plan that calls for most users to recover the majority of their assets and allows NovaWulf Digital Managementto manage a restructured version of the bankrupt crypto lender.

The proposal calls for Celsius users with less than $5,000 of crypto tied up in interest-bearing accounts to receive a 70% recovery in the form of liquid digital assets like Bitcoin and Ethereum, court papers show. Those smaller accounts make up most of Celsius’s interest-bearing account holders.

Bigger account holders will receive tokenized shares of post-bankruptcy Celsius and an unspecified amount of crypto, court papers show. ...