Celsius Token Holders’ Proposal to Raise CEL’s Valuation to $0.8 Rejected

2023/08/25 14:11

On August 25th, Celsius Network's native token holders attempted to increase the valuation of the CEL token, but were unsuccessful. A ruling issued by the New York bankruptcy court on Thursday stated that Celsius' native token holders were unsuccessful in claiming that CEL should be valued at $0.8 on the day the cryptocurrency lending platform filed for bankruptcy in July 2022. Celsius' management proposed to value CEL at $0.25 as they wanted to quickly wrap up company affairs, expedite the sale to cryptocurrency consortium Fahrenheit, and return funds to creditors. This valuation itself has already increased from the previous $0.20 and was approved by a judge last week in a disclosure statement related to the sale with Fahrenheit.
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