Celsius Files Updated Bankruptcy Plan, Opposes Some Borrowers

Bankrupt crypto lending platform Celsius has filed an updated bankruptcy plan that incorporates a successful bid by the Fahrenheit consortium for its assets, which must be approved by the New York bankruptcy court overseeing the liquidation. Attorney David Adler, representing part of the Celsius borrowers' group, stated that the debtor had chosen to address retail borrowing claims through set-off treatment, although the debtor demanded repayment of the loan (i.e. required the borrower to perform) but the debtor had no intention of fulfilling its contractual obligations (i.e. returning to the borrower collateral). This proposed treatment is all but in violation of consumer lending laws (state, federal) and casual borrower groups will oppose the plan.