Celsius Network Litigation Administrator Reaches Mass Settlement Framework with Largest Defense Groups and Expands Offer to Certain Remaining Preference Defendants

NEW YORK–(BUSINESS WIRE)–The Litigation Administrator of Celsius Network, LLC (the “Litigation Administrator”), today announced the implementation of a structured, transparent, and innovative settlement framework designed to resolve preference claims against certain remaining defendants.

The comprehensive process to determine the global settlement framework included successful mediation with four large defendant groups across the U.S., Europe, and Asia, representing more than 750 preference defendants. The settlement framework reflects a holistic solution, shaped by extensive legal review and negotiation, facilitated by a former U.S. bankruptcy judge, other prominent international mediators, and multiple counsel representing preference defendants. The settlement framework addresses issues of enforcement, price appreciation, the safe harbor defense, and the ordinary course of business defense.

Defendants who choose to settle now for a small percentage of their potential preference exposure will mitigate preference exposure tied to the value of crypto assets and avoid the uncertainty, time, and cost of multi-year litigation. The Litigation Administrator has already settled with thousands of Celsius account holders who have preference exposure.

Defendants will receive individualized notices from the Celsius Litigation Administrator and can access their settlement agreements through Stretto’s secure portal. Stakeholders with questions can refer to cases.stretto.com/CelsiusLOC for more information, which will be updated on an ongoing basis as needed.

For any questions that do not require legal advice, please contact the Litigation Administrator via email at celsiuslitigationadmin@m3-partners.com or visit the FAQ page here. Of note, this settlement framework is not being offered to all preference defendants and the determination of whether this framework is extended to any defendant is solely in the discretion of the Litigation Administrator based on the facts and circumstances of each individual case.

Advisors

White & Case LLP is serving as legal counsel, M3 Partners is serving as financial advisor, and C Street Advisory Group is serving as strategy and communications advisor to the Litigation Administrator.

Contacts

Media Inquiries 
celsius@thecstreet.com