TechFlow news, according to CoinDesk, a ruling issued Thursday by a New York bankruptcy court stated that native token holders of Celsius Network recently attempted to increase the valuation of the CEL token but failed to gain approval.
Celsius’s native token holders were unsuccessful in arguing that CEL should be valued at $0.80—the trading price on July 2022 when the crypto lending platform filed for bankruptcy.
Celsius management proposed valuing CEL at $0.25, as they aim to swiftly wind down company affairs, accelerate the sale to the cryptocurrency consortium Fahrenheit, and return funds to creditors. This valuation is already an increase from the previous $0.20, which was approved by the judge in a disclosure statement related to the Fahrenheit sale last week.
