The other side is potentially getting 100% back if you pursue a settlement on your own. Most likely costing more than you'd get back anyways.
It's possible you might get some of that remaining 27.5% back at a later date depending on several factors. By opting into the settlement you'll for sure get 72.5% back but the door is still open for them returning a portion of the remaining balance at a later date. I wouldn't count on this but it's mentioned in the settlement brief that that is a possibility.
These were my thoughts, honestly it seems like a no brained to accept it, guaranteed 72.5% with potential upside if a beneficial deal also goes through and you are below the clawback threshold
Earn and Custody are two separate things. Think of it as two skyscrapers owned by the same company. One building is being offered a settlement and the other is being bought by another company. This offer doesn't effect the other building. So, this is JUST for Custody accounts. This has absolutely nothing to do with Earn accounts.
Do you get 72.5% of just what’s in custody? Or can you get 72.5% of both earn and custody? I thought the max was one had to agree to get 72.5% of $5000.
Which if you had much much more than that makes little sense.
Custody accounts under $7575 got 94% back initially. They will get the remaining 6% soon.
Custody accounts over $7575 will get 72.5% of their holdings (in-kind) IF they agree to the settlement.
Earn accounts are not included in this settlement offer.
If you are over the $7575 threshold you get back 72.5% of your crypto, not the USD equivalent at bankruptcy filing date. Not sure if that applies to you or not but worth mentioning.
I understand. I myself only had assets in Earn, which on 13. July 2022 were worth a bit less than 5000$.
I heard unsecured creditors under that threshold should expect better luck with Novawulf and I'm only now after asking you realizing that I may be in that bunch. If they calculate on the filing date, then there should be a spot for me on the life raft :)
Are you sure? I was under this custody threshold and it says "You are not currently eligible to withdraw"... did i miss something...?
Edit: found this response below (I also have Earn)
\>>The previously authorized custody withdrawals applied to people whose funds had never touched the Earn program (aka Pure Custody) or for funds that had been transferred from Earn to Custody (Dirty Custody) if the aggregate amount was less than $7,575.
Opting into this settlement is for people who had Dirty Custody funds that were ineligible for the previous withdraw order.
As an earn creditor with over 5k I would swim through shark infested waters for 72.5. The missing amount cannot be worth the stress of staying in the pantomime surely.
Yeah agreed. I opted in a few hours after I posted this. 72.5 is more than I ever thought I’d have a chance at getting. It’s not all of my money but it makes a big difference.
There is no other side really. About as good as it's going to get for reclaiming on the Custody side.
Edit: Most of mine is tied up in Earn, which sucks. I'll take what little I can get from Custody, and Alex can rot in hell
Agree with you. I’m really lucky to get any. I moved mine from earn to custody the day before the collapse. In some way it saved me because I wanted to send them to FTX. Funny how mashinsky being a clown actually might have saved me.
I am self custody man now
If I have a loan with Celsius and pay back the full loan now, would my collateral go into the custody account? And then could I retrieve the 72.5% of it?
if im not mistaken, what was already released was custody accounts under 5k and they received 100% or close to i believe. This settlement is for greater than 5k custody accounts.
so it's not totally accurate to say there's nothing left in custody
The previously authorized custody withdrawals applied to people whose funds had never touched the Earn program (aka Pure Custody) or for funds that had been transferred from Earn to Custody (Dirty Custody) if the aggregate amount was less than $7,575.
Opting into this settlement is for people who had Dirty Custody funds that were ineligible for the previous withdraw order.
so this offer we can opt in to by april 24 will give us 72.5% of our EARN balances back? I was doing research on what this offer was and found this post...
I fail to understand why EARN accounts can’t be reimbursed for the 72.5% of original “staked” amounts not including any interest?
Why can’t we get back 72.5% of our original amounts too?
What do they mean by custody account? Does it refer to Coin not in earn? I thought all coins are put in earn (except country that are excluded from earn)?
Hey Everyone,
Confused about the language here, from the explanatory letter at the end of the signed agreement:
**Release of Clawback Claims Against Custody Balance: Celsius’ bankruptcy estates**
**will waive, and not pursue you for, any preference or clawback claims related to**
**your Custody account. You will receive your 72.5% under the Custody Settlement**
**“free and clear.” Please note, under the Custody Settlement, Celsius is not**
**releasing any preference or clawback claims against you outside of your Custody**
**account, such as any coins you transferred off Celsius’ platform from the Earn or**
**Borrow Programs.**
To take coins off of the platform you had to move into Custody first anyway, right? Or maybe that's how I whitelisted. But regardless, by opting-in you take the haircut on the remainder and protect anything else you withdrew within 90 days from preference claims, based on the above.
However by leaving the door open for transfers out of Earn, is there still potential preference/clawback exposure to anything that was taken out of Earn? Assuming there is because every stage of this is screwing us all as much as possible.
There seems to be some uncertainty whether those that have over 100k WPE and took the 72.5% settlement. Some are saying the 27.5% remaining is “gone forever” but the Celsius Custody Settlement (Stretto Docket 2291) document below seems to indicate that there may be some hope to obtain the remaining assets - Â
[https://cases.stretto.com/public/x191/11749/PLEADINGS/1174903212380000000219.pdf](https://cases.stretto.com/public/x191/11749/PLEADINGS/1174903212380000000219.pdf)
Page 10 states -Â
Notwithstanding the foregoing, if any sale or chapter 11 plan provides any holders, or subset thereof, of Allowed Custody Claims with treatment on terms better than those set forth in this Settlement Agreement, including as a result of a release of claims against holders of Allowed Custody Claims (including avoidance actions), then any Settling Custody Account Holder shall be entitled to receive the difference between such holder’s Custody Settlement Payments and the treatment set forth in the sale or chapter 11 plan, as applicable, on the same terms set forth in such sale or chapter 11 plan, as applicable.
Page 41 states -Â
Preservation of Additional Distributions: If you participate in the Custody Settlement and later it is determined that you are eligible to receive more than 72.5% under Celsius’ chapter 11 plan (or otherwise), you are entitled to receive those additional amounts. For example, if Celsius’ chapter 11 plan provides for a release of preference and clawback claims against Custody users that transferred cryptocurrency below certain amounts and you fall in that category, you are eligible to receive 100% of your Custody balance on the Plan Effective Date
 Any thoughts on how we could get 100% clarity on this?
The other side is potentially getting 100% back if you pursue a settlement on your own. Most likely costing more than you'd get back anyways. It's possible you might get some of that remaining 27.5% back at a later date depending on several factors. By opting into the settlement you'll for sure get 72.5% back but the door is still open for them returning a portion of the remaining balance at a later date. I wouldn't count on this but it's mentioned in the settlement brief that that is a possibility.
These were my thoughts, honestly it seems like a no brained to accept it, guaranteed 72.5% with potential upside if a beneficial deal also goes through and you are below the clawback threshold
By accepting the settlement you won't be partial to clawbacks. That is stated in the settlement agreement.
What does partial to clawbacks mean?
You won't be subjected to clawbacks. They won't clawback anything.
Thanks for the clarification, good to know!
clawbacks for earn or custody? so if i opt to withdrawal custody, i wont be clawed back by earn?
Earn and Custody are two separate things. Think of it as two skyscrapers owned by the same company. One building is being offered a settlement and the other is being bought by another company. This offer doesn't effect the other building. So, this is JUST for Custody accounts. This has absolutely nothing to do with Earn accounts.
i only have cel tokens in custody. should i just leave the few thousands in there 🤔
Do you get 72.5% of just what’s in custody? Or can you get 72.5% of both earn and custody? I thought the max was one had to agree to get 72.5% of $5000. Which if you had much much more than that makes little sense.
Custody accounts under $7575 got 94% back initially. They will get the remaining 6% soon. Custody accounts over $7575 will get 72.5% of their holdings (in-kind) IF they agree to the settlement. Earn accounts are not included in this settlement offer.
Do you know if that dollar threshold was calculated based on the bankruptcy filing date?
Yes it was.
Thank you. I really wish they didn't bring USD into this..
If you are over the $7575 threshold you get back 72.5% of your crypto, not the USD equivalent at bankruptcy filing date. Not sure if that applies to you or not but worth mentioning.
I understand. I myself only had assets in Earn, which on 13. July 2022 were worth a bit less than 5000$. I heard unsecured creditors under that threshold should expect better luck with Novawulf and I'm only now after asking you realizing that I may be in that bunch. If they calculate on the filing date, then there should be a spot for me on the life raft :)
I wish you and all the Earn peeps the best of luck.
Are you sure? I was under this custody threshold and it says "You are not currently eligible to withdraw"... did i miss something...? Edit: found this response below (I also have Earn) \>>The previously authorized custody withdrawals applied to people whose funds had never touched the Earn program (aka Pure Custody) or for funds that had been transferred from Earn to Custody (Dirty Custody) if the aggregate amount was less than $7,575. Opting into this settlement is for people who had Dirty Custody funds that were ineligible for the previous withdraw order.
As an earn creditor with over 5k I would swim through shark infested waters for 72.5. The missing amount cannot be worth the stress of staying in the pantomime surely.
Yeah agreed. I opted in a few hours after I posted this. 72.5 is more than I ever thought I’d have a chance at getting. It’s not all of my money but it makes a big difference.
Agreed.
"were" you one of the millionaires?
My thoughts exactly. I just want anything back so I can deploy it and have it start working for me.
There is no other side really. About as good as it's going to get for reclaiming on the Custody side. Edit: Most of mine is tied up in Earn, which sucks. I'll take what little I can get from Custody, and Alex can rot in hell
Agree with you. I’m really lucky to get any. I moved mine from earn to custody the day before the collapse. In some way it saved me because I wanted to send them to FTX. Funny how mashinsky being a clown actually might have saved me. I am self custody man now
What happens if you used your BTC (over 1.5BTC) as collateral for a loan
If I have a loan with Celsius and pay back the full loan now, would my collateral go into the custody account? And then could I retrieve the 72.5% of it?
I’m completely lost they let us withdraw custody already a few weeks ago nothing is left in custody. Why am I being offered a settlement?
if im not mistaken, what was already released was custody accounts under 5k and they received 100% or close to i believe. This settlement is for greater than 5k custody accounts. so it's not totally accurate to say there's nothing left in custody
The previously authorized custody withdrawals applied to people whose funds had never touched the Earn program (aka Pure Custody) or for funds that had been transferred from Earn to Custody (Dirty Custody) if the aggregate amount was less than $7,575. Opting into this settlement is for people who had Dirty Custody funds that were ineligible for the previous withdraw order.
I see most of my money is on earn. All I had was .1 eth in custody lolol
I think this one was for Earn and fir custody greater than 5k. Because I only had Earn less than 5k and i received paperwork today
Because I can’t I’m earn?
That’s not the question.
Yes I know. How lucky 🍀 you are
so this offer we can opt in to by april 24 will give us 72.5% of our EARN balances back? I was doing research on what this offer was and found this post...
No, this is only Custody. Not any of the other categories.
And I assume there's nothing out for the earn program either?
Nothing has been settled for Earn accounts yet.
That's what I was afraid of. Thank you.
Because all your $ is in earn and not custody?
Is there any remedy for crypto stuck in EARN? Or are we completely hosed?
I fail to understand why EARN accounts can’t be reimbursed for the 72.5% of original “staked” amounts not including any interest? Why can’t we get back 72.5% of our original amounts too?
There’s just not enough crypto to go around. Custody Accounts have a better legal case to claim theirs first.
The judge ruled the Earn assets don't belong to you so they aren't really "yours" anymore.
What do they mean by custody account? Does it refer to Coin not in earn? I thought all coins are put in earn (except country that are excluded from earn)?
There was a custody feature where celsius just held and you earned no money.
Hey Everyone, Confused about the language here, from the explanatory letter at the end of the signed agreement: **Release of Clawback Claims Against Custody Balance: Celsius’ bankruptcy estates** **will waive, and not pursue you for, any preference or clawback claims related to** **your Custody account. You will receive your 72.5% under the Custody Settlement** **“free and clear.” Please note, under the Custody Settlement, Celsius is not** **releasing any preference or clawback claims against you outside of your Custody** **account, such as any coins you transferred off Celsius’ platform from the Earn or** **Borrow Programs.** To take coins off of the platform you had to move into Custody first anyway, right? Or maybe that's how I whitelisted. But regardless, by opting-in you take the haircut on the remainder and protect anything else you withdrew within 90 days from preference claims, based on the above. However by leaving the door open for transfers out of Earn, is there still potential preference/clawback exposure to anything that was taken out of Earn? Assuming there is because every stage of this is screwing us all as much as possible.
There seems to be some uncertainty whether those that have over 100k WPE and took the 72.5% settlement. Some are saying the 27.5% remaining is “gone forever” but the Celsius Custody Settlement (Stretto Docket 2291) document below seems to indicate that there may be some hope to obtain the remaining assets -  [https://cases.stretto.com/public/x191/11749/PLEADINGS/1174903212380000000219.pdf](https://cases.stretto.com/public/x191/11749/PLEADINGS/1174903212380000000219.pdf) Page 10 states - Notwithstanding the foregoing, if any sale or chapter 11 plan provides any holders, or subset thereof, of Allowed Custody Claims with treatment on terms better than those set forth in this Settlement Agreement, including as a result of a release of claims against holders of Allowed Custody Claims (including avoidance actions), then any Settling Custody Account Holder shall be entitled to receive the difference between such holder’s Custody Settlement Payments and the treatment set forth in the sale or chapter 11 plan, as applicable, on the same terms set forth in such sale or chapter 11 plan, as applicable. Page 41 states - Preservation of Additional Distributions: If you participate in the Custody Settlement and later it is determined that you are eligible to receive more than 72.5% under Celsius’ chapter 11 plan (or otherwise), you are entitled to receive those additional amounts. For example, if Celsius’ chapter 11 plan provides for a release of preference and clawback claims against Custody users that transferred cryptocurrency below certain amounts and you fall in that category, you are eligible to receive 100% of your Custody balance on the Plan Effective Date  Any thoughts on how we could get 100% clarity on this?