1. PixelPlaygroundHome
  2. Blockchain Briefs

Celsius Crypto Custodial Account Holders Can Recover 72.5% of Their Encrypted Currency

• Blockchain Briefs • 100 views

According to reports, a federal judge in the United States has approved a settlement agreement between the Celsius debtor, the unsecured creditor committee, and the ad hoc group of

Celsius Crypto Custodial Account Holders Can Recover 72.5% of Their Encrypted Currency

According to reports, a federal judge in the United States has approved a settlement agreement between the Celsius debtor, the unsecured creditor committee, and the ad hoc group of custodial account holders. If Celsius custodial account holders choose the newly approved settlement agreement, they can recover 72.5% of the encrypted currency in their custodial account.

US judge has approved the Celsius settlement agreement, allowing holders to recover 72.5% of their cryptocurrency

Are you a Celsius custodial account holder who has been waiting anxiously to recover your encrypted currency? If so, we have good news for you. According to recent reports, a federal judge in the United States has approved a settlement agreement between the Celsius debtor, the unsecured creditor committee, and the ad hoc group of custodial account holders.
In this article, we will provide you with all the details you need to know about this newly approved settlement agreement. We will discuss what it entails, who is eligible to benefit from it, and how you can take advantage of it to recover 72.5% of the encrypted currency in your Celsius custodial account.

What is the Newly Approved Settlement Agreement?

The newly approved settlement agreement is a legal understanding between the Celsius debtor, the unsecured creditor committee, and the ad hoc group of custodial account holders. The settlement agreement is designed to provide a means for Celsius custodial account holders to recover their encrypted currency.
Under the terms of the settlement agreement, Celsius will distribute a pro rata distribution of 72.5% of the encrypted currency held in custodial accounts. The distribution will be in the form of Celsius Tokens (CEL) or any other cryptocurrency that Celsius chooses.

Who Is Eligible to Benefit from the Settlement Agreement?

The settlement agreement is open to all Celsius custodial account holders who held an account with Celsius on or before April 11, 2021. If you fall within this category, you may be eligible to recover 72.5% of the encrypted currency held in your Celsius custodial account.
To be eligible, you must choose to participate in the settlement agreement and follow the necessary procedures to recover your encrypted currency. The deadline for opting-in for the settlement agreement is September 27, 2021, at 5 PM UTC.

How Can You Take Advantage of the Settlement Agreement?

Celsius has made it easy for custodial account holders to take advantage of the settlement agreement. To participate, you need to follow these simple steps:
1. Log in to your Celsius account and go to the ‘My Wallet’ section.
2. If you are eligible for the settlement agreement, you will see a tab labeled ‘Crypto Claims’ under the ‘My Wallet’ section.
3. Click on the ‘Crypto Claims’ tab and follow the instructions to submit your proof-of-claim.
4. Once you have submitted your claim, Celsius will verify it and proceed with the distribution of the pro rata amount of CEL tokens or other cryptocurrencies.

Conclusion

The newly approved settlement agreement between Celsius, the unsecured creditor committee, and the ad hoc group of custodial account holders is a welcome relief for many Celsius custodial account holders. The agreement provides an opportunity for eligible account holders to recover 72.5% of the encrypted currency held in their custodial accounts.
To benefit from this agreement, Celsius custodial account holders must opt-in and follow the necessary procedures to recover their encrypted currency. The deadline for opting-in is September 27, 2021, at 5 PM UTC.

FAQs

1. Is this settlement agreement a guaranteed way to recover my Celsius custodial account holdings?
No. The settlement agreement provides a means for eligible Celsius custodial account holders to recover their encrypted currency. However, there is no guarantee that you will recover 100% of your holdings.
2. What happens if I miss the September 27, 2021 deadline?
If you miss the September 27, 2021 deadline, you will not be eligible to recover 72.5% of the encrypted currency held in your Celsius custodial account.
3. Can I choose to receive a different cryptocurrency other than Celsius Tokens (CEL)?
No. Under the terms of the settlement agreement, Celsius will distribute a pro rata amount of CEL tokens or any other cryptocurrency that Celsius chooses. You cannot choose to receive a different cryptocurrency.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/10130/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/21/2023 23:55
Next 03/22/2023 00:26

Recommended articles