Celsius Network Native Token Holders Attempt to Raise CEL Token Valuation, But Court Fails

Odaily Planet Daily News The New York Bankruptcy Court issued a judgment on Thursday stating that holders of Celsius native tokens have submitted claims to the court that CEL should be valued at $0.80 on the day the crypto lending platform filed for bankruptcy in July 2022 , the application was dismissed by the court. The court held that the transaction price did not reflect reality because the market for CEL was manipulated. Courts could even reduce its valuation even lower or even to zero, in line with what shareholders would expect in a bankruptcy situation. The management of Celsius proposed to value CEL at $0.25, as they wanted to wrap up the company’s affairs as soon as possible, sell it to the cryptocurrency consortium Fahrenheit, and return the funds to creditors. That valuation, which has risen from the previous $0.20, was approved by a judge last week in a disclosure statement related to Fahrenheit's sale. (CoinDesk)