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  • Writer's pictureMichael Paulyn

In The News: Celsius Might Have to Repay Customers Using Wrapped Assets

Updated: Nov 1, 2022

Celsius Network executives have proposed a new proposal regarding how they can pay back customers. In this latest scenario, they're suggesting issuing a batch of new wrapped assets which can potentially be traded on other platforms. This update is all thanks to a freshly leaked recording from the most recent internal meetings.

Tiffany Fong, a public figure, and Celsius customer, is accredited with posting many other leaked all-hands meeting recordings. In this latest update, the recording has Nuke Goldstein, co-founder, and CTO of Celsius, explaining in further detail the company's direr financial situation.

Essentially, according to The Block, the plan coming out of Celsius is to take all remaining funds and transfer them to customer wallets as a repayment. After that, Celsius will issue wrapped tokens, known as Cx tokens, which are expected to cover the remaining amount owed to all customers.

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