According to CoinDesk, Celsius Network said that its $4.7 billion settlement with the U.S. Federal Trade Commission (FTC) will not affect its restructuring and the amount of assets recovered for customers. Celsius said in a statement filed with the court on Thursday that the company "remains committed to the successful execution of the Chapter 11 plan, and Celsius's special committee and senior leadership remain committed to ongoing cooperation with regulators and government agencies, focusing on maximizing value for stakeholders."
Earlier news, the U.S. Federal Trade Commission (FTC) reached a settlement agreement with Celsius Network, a cryptocurrency lending company. The platform will be prohibited from handling consumers' assets and accused three former executives of deceiving consumers into transferring cryptocurrencies to their platform by falsely promising that deposits are safe and readily available. The FTC's proposed settlement agreement with Celsius and its affiliates will permanently prohibit these companies from offering, marketing or promoting any products or services that can be used to deposit, exchange, invest or withdraw any assets. Celsius and its affiliates agreed to pay a $4.7 billion judgment, which will be suspended to allow Celsius to return its remaining assets to consumers in bankruptcy proceedings. Former CEO and co-founder Alexander Mashinsky and Celsius' other co-founders Shlomi Daniel Leon and Hanoch "Nuke" Goldstein have not yet agreed to a settlement, and the FTC's lawsuit against them will continue in federal court.
