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"This is the right decision for our community and company," co-founder and CEO Alex Mashinsky said. "We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.
The booth of the Celsius Network crypto platform at the Paris NFT Day conference in Paris, France, on Tuesday, April 12, 2022.with federally backed deposit insurance, making them more vulnerable to losses as the matter plays out in bankruptcy court. Fortune reported that Celsius’ terms of use do not guarantee deposits are protected or can be recovered in the event of bankruptcy.
Celsius said Wednesday it is not requesting authority to allow customer withdrawals at this time, and customer claims will be addressed through the Chapter 11 process.
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I’m not looking at my crypto portfolio for another year now 😂
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