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Home Crypto News

Celsius Co-founder Declares His Equity Worthless in Court

Admin by Admin
September 7, 2022
in Crypto News
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Celsius Networks’ Creditors Refuse $2 Billion Repayment Plan
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The co-founder of the embattled Celsius network, Daniel Leon, has declared the entirety of his equity stake in the embattled crypto company worthless.

His position was made known in a document to the United States Bankruptcy Court.  Law firm Kirkland & Ellis LLP filed a declaration on behalf of Daniel Leon. This was to confirm his status as a substantial shareholder and to declare that his 32,600 common shares are now considered worthless.

The embattled crypto lender filed for Chapter 11 bankruptcy in July, a month after halting withdrawals due to “extreme market conditions.”

Related- Celsius Takes Huge Step to Pay Debts

BnkToTheFuture CEO Simon Dixon suggested in a Monday Twitter post that the declaration means that Celsius Network private equity shares are now “officially worthless” and that the co-founder wants to use them as a tax write-off.

The latest forecast, dated Aug. 31 and filed to the United States Bankruptcy Court on Tuesday. has the firm sitting on just over $111 million in cash currently, forecasting $42 million cash left by the end of November.

 

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