Bankrupt crypto lender CelsiusNetwork has been approved to process some customer withdrawals and let eligible customers receive Flare tokens through the current airdrop. iamsandali reports
Bankrupt crypto lender Celsius Network secured approval to process certain customer withdrawals, several court orders filed on Tuesday show.
One, signed by Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York, authorizes Celsius to return funds transferred to the platform after the company filed for bankruptcy on July 14, 2022, subject to certain conditions. Another authorizes aThe orders follow a Tuesday court hearing in which the lender's lawyerswith locked assets above a certain threshold by issuing a token.
Customers are allowed to withdraw funds transferred to the platform after the bankruptcy petition date in the form of crypto"net of any gas fees or transaction costs," according to the order. The withdrawals will need to be approved by the appointed committee of creditors should the transfer amount exceed $40,000 .
Another order, also signed by Judge Glenn, greenlighted a Flare token airdrop to eligible creditors. Flare, which initially aimed to be a decentralized-finance (
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