Celsius Token Holders Lose Bid to Hike CEL Valuation
According to CoinDesk, holders of Celsius' native token, CEL, have lost their bid to value the token at $0.80,
Fits trading price on the day the crypto lender filed for bankruptcy in July 2022.
Instead, the court accepted the company's proposal to value CEL at $0.25 for the purpose of winding up its affairs,
facilitating the sale to crypto consortium Fahrenheit, and returning funds to creditors.
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Celsius had argued that the market for CEL was manipulated and could potentially be valued lower or even at zero for bankruptcy purposes.
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Celsius had argued that the market for CEL was manipulated and could potentially be valued lower or even at zero for bankruptcy purposes.
The court decision also rejected token holders' request to participate in bankruptcy negotiations via a special committee of CEL holders.