Celsius Network Requests Extension for Users to Submit Claims

• Cryptocurrency lender Celsius Network is filing for a motion requesting an extension for users to submit their claims.
• The bar date is currently slated for January 3rd, with the motion to be heard by the bankruptcy court on January 10.
• Celsius had filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York in July.

Cryptocurrency lender Celsius Network recently announced that it is requesting an extension for users to submit claims. According to the announcement, the bar date is currently slated for January 3rd, and the motion is scheduled to be heard by the bankruptcy court on January 10. This means that the deadline will be extended until at least that date.

The announcement comes after Celsius Network filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York in July. This was following the unraveling of the Terra ecosystem tokens. In the court filing by counsel, Celsius is requesting the court to provide an extension of 90 days for users to submit their claims.

The motion has been filed in order to give users more time to adequately prepare their claims. Until the motion is heard, the deadline has been extended until then. Celsius Network said that they will provide further updates on the bar date as they become available.

Celsius Network also noted that the filing of the motion does not guarantee that it will be approved. It is also important to note that the filing of the motion does not prevent creditors from filing their claims now. Any claims filed before the bar date will still be accepted and processed.

The filing of the motion is a sign of good faith on the part of Celsius Network. It shows that the company is taking proactive steps to ensure that users have adequate time to prepare their claims and that their rights are protected. It also shows that the company is committed to providing a fair and equitable process for all parties involved.

Celsius Network is a cryptocurrency lending platform that allows users to borrow and lend digital assets with the help of a wide range of products. It has grown to become one of the leading companies in the cryptocurrency lending space, with a network of over 300,000 users worldwide. The company aims to provide a secure, reliable, and transparent platform for users to access the cryptocurrency market.

The filing of the motion is a positive step towards protecting the rights of users and providing them with the time they need to prepare their claims. It is also a sign of good faith on the part of Celsius Network, and a testament to the company’s commitment to providing a fair and equitable process for all parties involved.