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  • Writer's pictureMichael Paulyn

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

Celsius Network executives have proposed a new proposal regarding how to pay back customers. In this latest scenario, they suggest issuing a batch of new wrapped assets that can be traded on other platforms. This update is 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 the company's dire financial situation in further detail.

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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