Will Celsius Network (CEL) Rise Up Stronger and Wiser Post Chapter 11?

One month ago, the CEO of Celsius said, “Do you know even one person who has a problem withdrawing from Celsius?” One day later, Celsius suspended customer withdrawals. Today, the company filed for bankruptcy.

Reportedly, “Celsius filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring.

This decision was made with the intention to provide the best opportunity to stabilize the business, consummate a comprehensive restructuring transaction that maximizes value for all stakeholders, and emerge from Chapter 11 positioned for success in the crypto industry.

Acting in the best interest of our stakeholders, including our entire customer community, is our top priority. We look forward to sharing our progress as we go through this transparent process.”

Community Reaction:  To fellow depositors, Do I understand correctly that there is literally NOTHING/NO ACTION we as depositors can take now? Just have to wait and see if they give us money back? If so, anywhere we should be keeping eyes on?

Moving forward, I hope your org takes the business of handling the community’s assets more seriously with proper risk management. There needs to be an established framework with regulators for moments like these if you ever plan on the firm surviving.

This is tough news to stomach. Acting in the best interest for our stake holders.  I know who’s going to get theirs first.

Notice shareholders are mentioned before depositors.

I’m surprised they even mentioned depositors.

Does that process include ever allowing your customers to get there funds back even if they don’t have a loan?  You are now an unsecured general creditor in the bankruptcy proceedings. Literally last on the list to be paid.

“You don’t have your keys; you don’t have your crypto.” Don’t be surprised if you lose all your money by giving your crypto to someone and not having all the keys.

It was nice for all of you to push money and receive 12% interest. You knew the attacks were orchestrated, and now you’re whining. Instead of whining, you better write to SEC to investigate who is carrying out attacks on these companies with old banking speculations methods.

Not everything has been done perfectly. Through humility, ethos and diligence the company can survive. I wish for you to manage this, rise stronger, wiser. Lessons learned on both ends I hope. These testing times are an opportunity to shine for the right reasons.  You will be here in the future if you do not fail us.

I would suggest allowing withdrawals of one token at a time. For example, once stable coins are accounted for, and liquidity is there; only allow withdrawals of that coin. So on and so forth until all coins are freed up.