Hold onto your crypto hats, folks, because there's another twist in the Celsius Network saga! The bankrupt crypto lender is not backing down without a fight. They've just filed an appeal to overturn a court decision that snubbed their $444 million claim against the now-defunct crypto exchange, FTX. It's a drama fit for the crypto world, and we're here for every juicy detail!
So, what's the scoop? Celsius had initially aimed for a whopping $2 billion from FTX, accusing them of spreading some nasty rumors that tarnished Celsius' good name and sped up its downfall in 2022. But, as the drama unfolded, Celsius decided to scale down their claim to $444 million, focusing on some “preferential transfers” that allegedly played favorites among creditors.
Cue Judge John Dorsey, the man with the gavel, who wasn't buying it. He tossed out both claims, citing procedural hiccups and a lack of solid evidence. He even gave Celsius a little side-eye for not getting his nod before amending their claims, which, he said, didn't really jive with the original accusations and could mess with FTX's restructuring plans.
But Celsius isn't throwing in the towel just yet. On the last day of December, their litigation whiz, Mohsin Meghji, fired back with an appeal, arguing that their initial filings ticked all the right boxes, even if they were a bit short on the nitty-gritty details.
Despite these courtroom battles, Celsius is making headway in paying back its creditors. Back in August 2024, they kicked off a repayment bonanza, shelling out $2.5 billion in crypto and cash to over 250,000 creditors across 165 countries. Talk about a global effort!
And the generosity doesn't stop there. In November, Celsius announced plans to dish out another $127 million, thanks to the funds they've clawed back through their legal tussles. Stay tuned, because the Celsius vs. FTX saga is far from over, and we're all here for the next chapter in this crypto courtroom drama!
