*Important Celsius Network Community News: 1st Day Before the Court and Updated FAQ’s & Pertinent Information…

Although this is day-old news regarding Celsius Network’s first day before the court in the Chapter 11 proceedings, Celsius released an updated FAQ and Additional Information for the Celsius Community about an hour ago this evening.

Here’s the recap:

Dated July 18, 2022 @ 9:37pm CST:

Today was Celsius’ first appearance before the Court in connection with our reorganization. This is a significant step in the process, and we wanted to share important updates with our community.

We were encouraged to hear that the US Trustee is working quickly to form the creditors committee, the vast majority of which will be our customers. This means that our community will play an instrumental role in negotiating the plan of reorganization we will submit for Court approval.

It is our intention to file a plan that will provide customers with an option to remain long crypto.

In light of the Chapter 11 proceedings, please note the following important updates regarding customer accounts. Rewards are currently paused as of the filing date, June 13th. Additionally, we have paused liquidation and margin call activities with regard to active loans. Please note that these measures may change over time. In the coming days, Celsius will be updating its processes and related communications to reflect these changes.

We want to be sure that your comments and concerns are being heard. To that end, and in accordance with the commitment made today, the following email has been established to address customer questions and concerns: celsiusinquiries@stretto.com.

Customers can now file notice of a claim with Stretto. More information on how to file that claim is available at https://cases.stretto.com/celsius. Stakeholders with questions may call Celsius’ Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international).

*Updated FAQ’s and Additional Information for the Celsius Network Community

Dated July 19, 2022 @ 9:31pm CST:

Our FAQs have been updated following yesterday’s First Day proceeding. We will continue to use this space to share information about the Chapter 11 process and what it means for our customers.

In response to your questions, the proof of claim form available through our claims agent, Stretto, will be updated at a later date to ensure a smoother claims filing process. Customers will be notified when the new form is ready with specific instructions for how to file a claim and of the related deadline to file any claim. While you do not need to file a new claim form if you have already filed a claim on the existing form, we would encourage customers to do so, when available, as this will assist in the reconciliation process.

Our next appearance in Court will be on August 8th. Additional information can be found at https://cases.stretto.com/celsius. Customers with questions about the process may call the Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email celsiusinquiries@stretto.com.

*Correction: Yesterday’s email incorrectly stated that rewards were paused as of June 13th. Rewards continued accruing until Celsius’ filing on July 13th.

Don’t forget to share and tag this update with your fellow Celsius Community die-hards!