The first hearing of the Celsius Network (CEL), which filed for “Chapter 11 bankruptcy (voluntary bankruptcy)” in the U.S., is scheduled to be held at 3 a.m. (Korea time) on July 19.



“This hearing is the first step in the restructuring plan,” Selcius said. “The details will be revealed in future trials.”

According to a document previously submitted by Celcius to the court, the number of active users with an account balance of more than $100 reaches about 300,000, of which the majority are creditors.



In addition, a list of 50 major creditors was released, including Alameda Research, owned by FTX founder Sam Bankman Fried, Faros USD Fund SP, B2C2 Ltd, and Covario AG.



In addition, according to Finnbold the previous day, a class action lawsuit against CEL was filed in the federal court in New Jersey, the United States.

Meanwhile, the Financial Times quoted sources as saying that Equities First, an Indianapolis-based private finance company, owes Celcius a total of $439 million.



Equity First was established in 2002 and has provided cryptocurrency mortgage services since 2016. Celcius first took out a loan from the company in 2019. Two years later, Equity First’s debt became $59 million as it failed to return the mortgage repayment requested by Celcius.