‘Consumer Business Is Dead’ for Crypto Lender Celsius, Bankruptcy Expert Says

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507 Capital founder ThomasBraziel told CoinDesk TV’s “First Mover” that CelsiusNetwork retail investors may recover only 50 cents to 60 cents on the dollar from the bankrupt crypto lender. _franvela reports.

Braziel said while it’s a “high likelihood” that retail customers will “get something back,” questions of when that will happen have yet to be answered. He said that a typical bankruptcy proceeding could take six to 18 months.

Braziel, who bought claims from creditors during the bankruptcy of Tokyo-based hacked bitcoin exchange Mt. Gox, said one difference between that situation and Celsius is the longer wait Mt. Gox creditors had to endure. Those creditors couldn’t sell their bitcoin but that ended up being to their benefit as bitcoin prices shot up astronomically during the bankruptcy proceedings.

 

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ThomasBraziel CelsiusNetwork _franvela That would be amazing considering the clusterfuck

ThomasBraziel CelsiusNetwork _franvela ThomasBraziel do you still feel the same regarding recovery amounts after seeing the crypto hole at ~$3B?

ThomasBraziel CelsiusNetwork _franvela Hi Thomas,, Re: 120 day,, wouldn't running an unlicensed hedge fund with customer funds be considered fraud? It appears relieving current management of their duties & moving forward with a new team is our best option for recovery. Appreciate you!!

ThomasBraziel CelsiusNetwork _franvela Another reason why the CelShortSqueeze is complete rubbish and just an easy way for Mashinsky to sell and get out of jail! Celsius CelsiusNetwork can't keep their users in the dark forever!

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