Celsius Is Planning to Give Customers Their Funds Back

Celsius – the doomed crypto lending platform that completely collapsed in the summer and is now undergoing bankruptcy proceedings – has issued a plan to compensate all the customers and people that had accounts on the platform that they now cannot access.

Celsius Is Looking to Give Customers Their Money Back

Celsius caused several individuals to raise eyebrows in confusion and disgust when it was announced the company had frozen withdrawals and that anyone working with the company would not be able to gain access to their money. To make matters worse, the company later issued plans to file for bankruptcy. This prevented all customers from seeking their funds through lawsuits and other legal means, and to this day, much of the money on the platform is still very much in limbo.

For the most part, it looked like Celsius had initiated a rug pull of sorts and that the company was going to make off with funds or engage in other illicit activity, but now it appears Celsius has a few ideas about how it’s going to ensure its customers get their funds back. The company will be turning all its debt into a cryptocurrency – an IOU cryptocurrency, for lack of better terms.

All customers with money on the platform will receive said currency for how much money they currently have locked away by Celsius’ executives. They must hang onto that currency and when the time is right, the company will issue payment to the customer so that nothing is held in limbo any longer. Right now, sources claim the plan is in its “early stages.”

Chief technology officer of the company Guillermo Bodnar explained in a recent statement:

Transparency reflected not just in how we communicate but making sure that everything that is done within our platform is traceable, is auditable, end to end. We don’t have anything to hide.

Celsius co-founder Nuke Goldstein also took to social media to explain to traders and speculators alike that Celsius was the subject of quite a bit of misinformation, and that people needed to be careful about what they read and what they paid attention to. He commented:

If you go to Twitter, bring an umbrella because it’s raining bull over there. This is your opportunity to get the truth. If we don’t tell you the truth of what we know, we go to jail. Now, I don’t know if we go to jail… but it’s not good.

Everyone’s on the Same Level

He continued with:

The employees are not last or first. You are a customer as well. We are a customer. That means that we are at the same level of the customers.

Celsius appears to have started a trend in the crypto space given several other digital currency companies like Zip Mex have also begun filing for bankruptcy.

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