Bankrupt crypto lender Celsius Network is seeking the return of over $2 billion withdrawn by major customers shortly before its bankruptcy declaration in July 2022, according to a release shared with CryptoSlate.
The initiative, led by a committee appointed during the company’s Chapter 11 proceedings, is part of the firm’s restructuring efforts and targets individuals who extracted large sums from the crypto platform to mitigate potential legal confrontations and ensure the remaining assets are distributed fairly among creditors.
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The efforts are specifically aimed at accounts that withdrew more than $100,000 during the critical period leading up to the company’s bankruptcy filing. Such a collective action intends to replenish the funds available to repay the creditors left behind.
The withdrawals have raised concerns due to their preferential nature, as they benefited a small percentage of users at the cost of the wider Celsius customer base.
The committee said it
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