Token

Celsius

DeFi

Planet

<div class="intro-text"> 
 CEL, the native token of Celsius Network, has reportedly surged in value by 300% just one month after making a $2.5 billion payment to over 250,000 creditors. 
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According to <a style="color: #0000ff;" href="https://www.coingecko.com/en/coins/celsius-network-token">data</a> from Coingecko, CEL was valued at $0.16 on August 26, 2024, and then rose to $0.56 by September 23, 2024, marking a 300% increase in price. The market capitalization also increased to $12.74 million. In the last 24 hours, the token’s trading volume surpassed $22 million, indicating an increase of over 84%. 
<figure id="attachment_17656" aria-describedby="caption-attachment-17656" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-17656 size-full" src="https://defi-planet.com/wp-content/uploads/2024/09/Screenshot-2024-09-24-at-15.52.14.png" alt="" width="820" height="670" srcset="https://defi-planet.com/wp-content/uploads/2024/09/Screenshot-2024-09-24-at-15.52.14.png 820w, https://defi-planet.com/wp-content/uploads/2024/09/Screenshot-2024-09-24-at-15.52.14-300x245.png 300w, https://defi-planet.com/wp-content/uploads/2024/09/Screenshot-2024-09-24-at-15.52.14-768x628.png 768w, https://defi-planet.com/wp-content/uploads/2024/09/Screenshot-2024-09-24-at-15.52.14-600x490.png 600w, https://defi-planet.com/wp-content/uploads/2024/09/Screenshot-2024-09-24-at-15.52.14-750x613.png 750w" sizes="(max-width: 820px) 100vw, 820px">
 <figcaption id="caption-attachment-17656" class="wp-caption-text">
 Celsius market analysis from August 26 to September 23, 2024. Source: <a style="color: #0000ff;" href="https://www.coingecko.com/en/coins/celsius-network-token">Coingecko</a>
 </figcaption>
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Although the token is currently trading at around $0.58, it is still 1,287% below its all-time high of $8.05 in June 2021. Notably, this recovery comes after a recent bankruptcy settlement. 
In July 2022, Celsius <a style="color: #0000ff;" href="https://defi-planet.com/2022/07/celsius-allegedly-files-for-bankruptcy/">filed</a> for bankruptcy and faced <a href="https://www.justice.gov/usao-sdny/pr/celsius-founder-and-former-chief-revenue-officer-charged-connection-multibillion#:~:text=MASHINSKY%20and%20RONI%20COHEN%2DPAVON%2C%20Celsius's%20former%20Chief%20Revenue%20Officer,CEL%20tokens%20at%20artificially%20inflated">fines</a> of up to $4.7 billion from the United States Federal Trade Commission. However, the company <a style="color: #0000ff;" href="https://x.com/CelsiusNetwork/status/1679620565596864513">stated</a> that it was pleased with the resolutions it had reached with various regulatory agencies in the US. 
While most creditors are already paid, not all eligible for payment want to claim their digital assets because some of the amounts owed are small. An August 26 court <a style="color: #0000ff;" href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174908262480000000186.pdf">filing</a> showed that the bankrupt crypto lending platform repaid around 84% of the owed assets, totalling approximately $2.53 billion. The filing mentioned that many creditors still need to claim their cryptocurrency, with 64,000 having balances of less than $100 and 41,000 owed between $100 and $1,000.&nbsp; 
Meanwhile, in November 2023, <a style="color: #0000ff;" href="https://defi-planet.com/2023/11/celsius-network-shifts-gears-announces-plans-to-establish-customer-owned-bitcoin-mining-company/">Celsius Network announced plans to pivot operations</a> and establish a new publicly traded Bitcoin mining company owned by its customers after receiving feedback from the Securities and Exchange Commission (SEC) regarding its bankruptcy reorganization plan. 
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The post <a href="https://defi-planet.com/2024/09/celsius-networks-cel-token-surges-300-following-bankruptcy-settlement/">Celsius Network’s CEL Token Surges 300% Following Bankruptcy Settlement</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Celsius Network’s CEL Token Surges 300% Following Bankruptcy Settlement

DeFi Planet

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