The Latest Celsius Network Update: Important Reminders for ALL USERS…
1 min read
It’s been a while since our last update….. dead air and cricket chirps galore…
Apologies,…. The bulk of our Team was hit hard by Hurricane IAN, and wiped out the majority of our team’s laptops, phones, internet connectivity, and unfortunately homes.
So we’re slowly rebuilding and catching back up on the latest w/ Celsius Network and the Crypto Space latest updates… (Did you hear that Elon Musk was cutting like half of Twitter’s staff?.. Or something like that!,….. And DOGE price rises. Sooo Weird.)… Anyways.. Back to Celsius Network…
We just received this official email message from Celsius Network (i.e. legal team handling the communications surrounding what’s left of Celsius Network).
Have a quick read at it. It looks like just a simple reminder(s) of what we all most likely already know.
But here it is, just in case:
As you were previously made aware, on June 12, 2022, Celsius made the difficult but necessary decision to pause withdrawals, Swap, and transfers on our platform to stabilize our business and protect our customers.
On July 13, 2022, Celsius and certain of its affiliates filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Celsius initiated this financial restructuring process to provide the company with the best opportunity to stabilize the business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders. More information can be found here.
For all accounts, including the Earn Services program (“ESP”), our services continue to be paused indefinitely at this time, including all withdrawals.
Additionally, as announced on July 14, 2022, reward accruals, including in ESP accounts, are paused and customers are neither receiving nor accumulating rewards.
In light of this, we remind you that all users should cease transferring digital assets to Celsius. More specifically, we remind you that automatic transfers for any accounts linked to your Celsius account/s should be disabled, including mining or staking rewards and/or any recurring or automated transfers into your account.
Thank you for your attention.
Don’t forget to share and tag this update with your fellow Celsius Community Survivors!