Celsius small business creditors demand reimbursement after 35% cut in claims

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Four Celsius corporate creditors filed for a second disbursement after allegedly receiving 35% less than promised.

Two Celsius creditors have filed a motion asking for a second distribution after they allegedly suffered reduced payments from possessing corporate accounts.

However, the Celsius debtors allegedly failed to make the payments by the Jan. 16 deadline. On Jan. 19, a representative of Celsius told the two individuals that they would not be allowed to receive cryptocurrency payments since their accounts were not in the cut-off of the first 100 corporate Celsius accounts in terms of the value of their assets. Instead, the cryptocurrency would need to be converted into cash and paid out through the banking system.

The couple claims that the cash value of these payments is far less than the value of the BTC and ETH they were owed, based on prices prevailing on the date they received the payments. By their calculations, they should have received $973,955, the equivalent value of the BTC and ETH they were promised. They are, therefore, demanding an additional $338,611 plus interest payments of $11,984 for holding their cryptocurrency past the required distribution date, for a total of $350,596.

Cryptocurrency exchanges Kraken and Bitgo could have been used instead of Coinbase and PayPal, which could have handled “widespread distribution to a large group of creditors,” the document alleges. It calls the selection of Coinbase and PayPal an “arbitrary choice.”

 

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