Celsius Network to Return Only 22% of Customer Funds Embattle | Crypto World Analysis

Celsius Network to Return Only 22% of Customer Funds

Embattled cryptocurrency lender Celsius Network has told a New York bankruptcy court in a filing that it will pay back about 22% of funds held in custody to 58,300 customers whose assets are assets valued at $48M. The revelation was made during a Sept. 1 hearing of a motion seeking authorization for the Celsius Network.

The bankruptcy filing revealed that Celsius owes its users around $4.3 billion, leaving many wondering whether it will raise more liquidity to pay the remaining funds as it seeks to restructure and go through bankruptcy proceedings. According to the bankruptcy filing, the firm was valued at $3 billion after raising $690 million in multiple funding round series in 2022.

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