• Celsius Network has been granted court approval to process customer withdrawals.
• The U.S. bankruptcy court authorized eligible XRP holders to receive Flare tokens due under a prior agreement.
• Celsius filed for bankruptcy on July 14, 2022.
Celsius Network, a crypto lender, has been granted court approval to process customer withdrawals. This comes after the company filed for bankruptcy on July 14, 2022. Following the court’s approval, funds that were transferred to the platform prior to the filing will now be eligible to be returned to customers.
The U.S. bankruptcy court also authorized eligible XRP holders to receive the Flare tokens due under a prior agreement. The Flare tokens will be distributed to XRP holders as part of the airdrop, which is being done in partnership with Flare Networks. Flare Network is a blockchain-based platform which offers smart contracts and decentralized finance products.
The court’s approval of Celsius’s request shows that the company is continuing to move forward with its bankruptcy proceedings. Despite filing for bankruptcy, Celsius remains committed to helping its customers. This is evidenced by their willingness to process customer withdrawals, as well as their agreement to the airdrop of Flare tokens to eligible XRP holders.
The court’s approval is a major win for Celsius and its customers, as it shows that the company is still committed to providing the best service possible. It also shows that the court is willing to work with Celsius on its bankruptcy proceedings, which is a promising sign for the future.
Overall, the court’s approval of Celsius Network’s request to process customer withdrawals and the airdrop of Flare tokens to eligible XRP holders is a positive step forward. It shows that the company is still dedicated to providing the best services possible to its customers, despite its bankruptcy filing. This is an encouraging sign for the future of Celsius and its customers, and it’s likely that the company will continue to be successful in its bankruptcy proceedings.