What chapter 11 bankruptcy means for CeΙsius Network (not the coin)

What Celsius filing for bankruptcy means for depositors

If you had money in Celsius this is for you. I'll try to keep it short and on point.

Celsius is not planning to re-open withdrawals through their filed bankruptcy. You chance at getting something back will be after any potential litigation. The fact that Celsius moved to file for bankruptcy probably already means that and potential buyout deals were ruled out.

File 11 COULD lead to litigation, and given Celsius' black whole of funds, it probably will. The most likely scenario in this case is that depositors will get something after any other obligations Celsius has and also minus litigation costs. So you will probably get SOMETHING back, but can't be sure what and when. It's not too unlikely that any remaining crypto on the platform will be sold. We can't even be sure that depositors will have much of a say. Given Celsius's case of accepting international customers it would be hard to do that.

Some might consider suing in their own country to try and get a larger piece of the pie for themselves. Class action lawsuits are common in this case. All with unknown outcomes which might delay any potential litigation but no results are guaranteed. Thankfully Celsius seems willing to cooperate with US authorities as thei filed in a US court, but that doesn't mean it'll be a fast procedure...

TL;DR: Lots of uncertainty. Funds will be locked for a good while unless a saviour comes in, but even in worst case probably you'll get something back. Maybe in the form of crypto+cash or just cash. Don't expect your full balance back.

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