Non-Claim Agreement of Alexander Mashinsky in the Celsius Bankruptcy Case

In the high-profile bankruptcy of Celsius, former CEO Alexander Mashinsky committed not to contest any assets from the company's bankruptcy process. The Southern District Court of New York has confirmed this agreement, opening up the opportunity for Celsius' cryptocurrency to be distributed more fairly to creditors.

Mashinsky Waives All Claims Related to Celsius

On Monday, the court reviewed and approved the new agreement, in which stakeholders, including AM Ventures Holding Inc., Koala1 LLC, and Koala3 LLC, agreed not to receive any allocations from Celsius' bankruptcy assets. This decision helps release funds that were suspended due to Mashinsky's disputes for distribution to creditors.

Only with the final approval of the court will these funds be unlocked for the benefit of Celsius creditors.

Court Orders Release of Cryptocurrency and Shares Held

The court orders the release of all cryptocurrency, cash, and Miningco shares held by Mashinsky and related parties. This decision paves the way for the comprehensive distribution of remaining assets, allowing long-waiting creditors to receive their share.

The court retains control over the lawsuit, meaning that any disputes related to this agreement will only be resolved under the court's supervision. No new claims from Mashinsky or affiliated companies will be accepted without direct court approval.

Creditors Are Still Waiting for Asset Distribution

In 2024, Celsius released more than $3 billion in cryptocurrency and cash to eligible creditors. However, over 121,000 eligible users have yet to receive their share. While some creditors are satisfied after receiving assets, many others are still waiting for their rights.

According to the latest figures, over $1 billion has been recovered by more than 251,000 creditors, but many others are still waiting to access their cryptocurrency.

Final Conclusion: No Recovery for Mashinsky

This new agreement comes after Mashinsky's 12-year prison sentence for securities and commodities fraud. His waiver of all claims makes it easier for Celsius creditors to recover debts.

An important role for cryptocurrency investors

The Celsius bankruptcy is one of the largest collapses in the crypto world. With Mashinsky officially stepping down, confidence in the asset recovery process may increase. Investors hope this platform will accelerate the distribution of remaining digital funds, helping them regain their rights sooner.

Source: https://tintucbitcoin.com/chuyen-giao-tai-san-tien-dien-tu-mashinsky/

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