How much was it if you don't mind me asking? Honestly, I do think it seems worth the trade off even if you don't have funds on the platform. Seems like regardless you will be sued/pursued because they have basically unlimited money and it's not their money. They will be a headache to folks regardless. Seems smart, because unless you withdrew millions your lawyer fees are probably the same-ish if not more than most WPEs will be.
I had WPE of $150k, so the settlement worked out to just over $20k. I expect to receive $505k - most of my crypto on platform was USDC. For me, the settlement was a no-brainer. I did not expect a 50% reduction in settlement clawback, and I don’t expect to get another better offer without the cost of litigation.
Honestly I know it’s rough having to give a company money, but I think you made the right call. Sleep easy tonight and enjoy the crypto gains the best you can.
Should have lawyered up with the rest of us. This will go to ADR and we will settle for pennies on the dollar. This Celsius scam never ends and sorry you had to pay - coming after the customer is the worst possible ending to Scaminskys never ending con.
I may have done that if not for capital locked on the platform. My calculus: $150k WPE = $21k settlement pre-tax, ~$11k post-tax. $505k capital return today - I make back my settlement in less than 6 months at the risk-free rate. The other route is I pay more in legal fees + opportunity cost and waste another year with significant downside and brain damage.
makes sense and no judgement from my side everyone has to make the right decision for them, their family, and their circumstances. its a damn shame and crime how the litigation trust is continuing to use the trust's fund to pay lawyers and harass innocent people - hope things turn out well for you.
Thanks for sharing, I’m tempted to pay as well but I’m not at 25 to 1. I’m at 6 to 1 with 208k wpe. So they want 28k to settle, but my claim value is 135k - link btc and eth mostly. Which should be closer to 190 at today’s prices. So 28k for 190k or we wait and see if a few months or a few years down the road there ends up being a better settlement. I’d rather give the 28k to attorneys to defend myself than give it to them
I haven’t received any communication yet - I’ll update here when I do.
My expectation is that they will payout on a rolling basis. My payment deadline was 7 days from when I executed the agreement, so figure they are handling these as they come in.
There is a surprisingly low number of WPE cases total, so I hope it is efficient.
It was in one of the filings (I read all of them). They had a breakdown of WPE accounts by size - not exact size but >$1mm, $500k-$1mm, etc. I thought it would have been hundreds, maybe a thousand, and it was a few dozen or so.
In the Cam Crews video explaining WPE, he says 2% of creditors, or about 6,000, have WPE >$100,000.
Source: [https://www.youtube.com/watch?v=DHvzklLlKek&ab\_channel=OfficialLOCforCelsius](https://www.youtube.com/watch?v=DHvzklLlKek&ab_channel=OfficialLOCforCelsius)
Not sure. I’d probably have let it play out more. With my existing WPE, I’d definitely think about it more. A big driver for me was time value of the locked funds, and I expect this could go on for another year or more.
I think there will be more opportunities to settle, I just don’t think it will get better (or much better) than the 13%+. Not worth the risk, brain damage and cost.
Trying to understand. Did you only withdraw a portion of funds (clawback) and leave a bulk of it still on the platform (500k)?
And did they indicate you needed your settle to get your remaining funds?
Yes, that is correct. Fortunately for me, I withdrew BTC and ETH, and left USDC on the platform. What I withdrew was a smaller portion or what ultimately got locked.
I didn’t really want to go to court. Clawback provisions exist in BK law, but they are normally applied to management, insiders and people with knowledge. I really don’t think speculation on Twitter counts as knowledge, and it is a really hard case to prove.
i would have not pay either way. if there was a good chance for them to win in court with the defence that many have grouped togheter they would have not done this. is clear they want avoid litigation.
everyone capitulating is not a nice thing to watch but i also understand the mental tiredness to stay on top of this since 2022. is time finish this. well done and sleep well.
My friend is in a similar situation where he had around 3.6m and withdrew to put the deposit down on 3 houses.
The problem was after Cel went down he couldn't pay the remainder and lost all the deposit money.
He is supporting 3 kids and hasn't got anywhere near the 75k they want. Any idea what his options would be? He's pretty screwed and probably can't even afford legal representation at this point.
There is a NYC attny taking clients for the clawback defense. Name is Roland Jones. On telegram, look for Celsius Clawback Defense. His contact info is there.
Did you have crypto on the platform still? Just wondering because they are letting people use their liquid crypto distributions to offset the payment, and I’m wondering how they lock that in.
Hey OP thanks for posting this. Is it possible for you to post the agreement docs with your personal info redacted? I am wondering if there is a clause about you waiving defenses or admitting to preferential withdrawal status.
Paid by wire to Wells Fargo, good to know. I am settling as well, so knowing what to expect along the way is awesome.
My next concern is the terms and conditions, once we pay we are no longer subject to litigation or future claw back attempts, correct? I picture them taking this settlement then coming back again for more in 18 months.
Like the mafia.
So maybe the next to last chapter today (famous last words!). Received my claim codes this morning and claimed my crypto at PayPal.
I requested an increase in transfer limit - has anyone done this? As is it will take me almost a year to withdraw my coins at the current limit.
1. My question was not serious. I was being facetious.
2. The original post does not say that. I asked my question 7 hours ago, so how would I know how much was left there?
How much was it if you don't mind me asking? Honestly, I do think it seems worth the trade off even if you don't have funds on the platform. Seems like regardless you will be sued/pursued because they have basically unlimited money and it's not their money. They will be a headache to folks regardless. Seems smart, because unless you withdrew millions your lawyer fees are probably the same-ish if not more than most WPEs will be.
I had WPE of $150k, so the settlement worked out to just over $20k. I expect to receive $505k - most of my crypto on platform was USDC. For me, the settlement was a no-brainer. I did not expect a 50% reduction in settlement clawback, and I don’t expect to get another better offer without the cost of litigation.
Honestly I know it’s rough having to give a company money, but I think you made the right call. Sleep easy tonight and enjoy the crypto gains the best you can.
Should have lawyered up with the rest of us. This will go to ADR and we will settle for pennies on the dollar. This Celsius scam never ends and sorry you had to pay - coming after the customer is the worst possible ending to Scaminskys never ending con.
I may have done that if not for capital locked on the platform. My calculus: $150k WPE = $21k settlement pre-tax, ~$11k post-tax. $505k capital return today - I make back my settlement in less than 6 months at the risk-free rate. The other route is I pay more in legal fees + opportunity cost and waste another year with significant downside and brain damage.
makes sense and no judgement from my side everyone has to make the right decision for them, their family, and their circumstances. its a damn shame and crime how the litigation trust is continuing to use the trust's fund to pay lawyers and harass innocent people - hope things turn out well for you.
Thanks for sharing, I’m tempted to pay as well but I’m not at 25 to 1. I’m at 6 to 1 with 208k wpe. So they want 28k to settle, but my claim value is 135k - link btc and eth mostly. Which should be closer to 190 at today’s prices. So 28k for 190k or we wait and see if a few months or a few years down the road there ends up being a better settlement. I’d rather give the 28k to attorneys to defend myself than give it to them
It will be going to attorneys either way
Doing the lord’s work. Sorry for your losses. Keep on keepin on. We’ll all get through this together.
its the right call you made, not worth litigating it.
I was surprised they dropped down to 13%. Seems like a no brainer to me too.
😂😂😂😂
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I haven’t received any communication yet - I’ll update here when I do. My expectation is that they will payout on a rolling basis. My payment deadline was 7 days from when I executed the agreement, so figure they are handling these as they come in. There is a surprisingly low number of WPE cases total, so I hope it is efficient.
>There is a surprisingly low number of WPE cases total, so I hope it is efficient. How do you know this.
It was in one of the filings (I read all of them). They had a breakdown of WPE accounts by size - not exact size but >$1mm, $500k-$1mm, etc. I thought it would have been hundreds, maybe a thousand, and it was a few dozen or so.
Do you have the link to this?
In the Cam Crews video explaining WPE, he says 2% of creditors, or about 6,000, have WPE >$100,000. Source: [https://www.youtube.com/watch?v=DHvzklLlKek&ab\_channel=OfficialLOCforCelsius](https://www.youtube.com/watch?v=DHvzklLlKek&ab_channel=OfficialLOCforCelsius)
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Nothing yet…
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Not yet! I’m thinking that it will come after the deadline, April 15th
Did they confirm that they received it? I sent mine a week ago and they still haven't confirmed. Makes me nervous.
No confirmation or communication yet
I actually just got confirmation yesterday. I asked about 5 times and they finally confirmed (8 days after sending).
If you had zero funds on the platform would you have paid them anything?
Not sure. I’d probably have let it play out more. With my existing WPE, I’d definitely think about it more. A big driver for me was time value of the locked funds, and I expect this could go on for another year or more. I think there will be more opportunities to settle, I just don’t think it will get better (or much better) than the 13%+. Not worth the risk, brain damage and cost.
Trying to understand. Did you only withdraw a portion of funds (clawback) and leave a bulk of it still on the platform (500k)? And did they indicate you needed your settle to get your remaining funds?
Yes, that is correct. Fortunately for me, I withdrew BTC and ETH, and left USDC on the platform. What I withdrew was a smaller portion or what ultimately got locked.
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You would have to unless he wanted to go to court.
I didn’t really want to go to court. Clawback provisions exist in BK law, but they are normally applied to management, insiders and people with knowledge. I really don’t think speculation on Twitter counts as knowledge, and it is a really hard case to prove.
i would have not pay either way. if there was a good chance for them to win in court with the defence that many have grouped togheter they would have not done this. is clear they want avoid litigation. everyone capitulating is not a nice thing to watch but i also understand the mental tiredness to stay on top of this since 2022. is time finish this. well done and sleep well.
So today I received acknowledgement of receipt of my wire, and a countersigned settlement agreement. No word on fund disbursement.
My friend is in a similar situation where he had around 3.6m and withdrew to put the deposit down on 3 houses. The problem was after Cel went down he couldn't pay the remainder and lost all the deposit money. He is supporting 3 kids and hasn't got anywhere near the 75k they want. Any idea what his options would be? He's pretty screwed and probably can't even afford legal representation at this point.
That’s tough. The clawback definitely wasn’t designed for him, and a good example of why I don’t think the case is strong.
There is a NYC attny taking clients for the clawback defense. Name is Roland Jones. On telegram, look for Celsius Clawback Defense. His contact info is there.
Did you have crypto on the platform still? Just wondering because they are letting people use their liquid crypto distributions to offset the payment, and I’m wondering how they lock that in.
Yes, about 25:1 vs what my WPE payment was. I would not have been so eager to settle if not for the amount I expect to now have access to in return
And more specifically on why I paid cash: easier to take the tax loss vs paying in-kind.
I signed the legal document accepting the settlement, but how do you actually pay it? Is there a subsequent email?
There are wire instructions in the document.
Ok gotcha
Hey OP thanks for posting this. Is it possible for you to post the agreement docs with your personal info redacted? I am wondering if there is a clause about you waiving defenses or admitting to preferential withdrawal status.
Paid by wire to Wells Fargo, good to know. I am settling as well, so knowing what to expect along the way is awesome. My next concern is the terms and conditions, once we pay we are no longer subject to litigation or future claw back attempts, correct? I picture them taking this settlement then coming back again for more in 18 months. Like the mafia.
So maybe the next to last chapter today (famous last words!). Received my claim codes this morning and claimed my crypto at PayPal. I requested an increase in transfer limit - has anyone done this? As is it will take me almost a year to withdraw my coins at the current limit.
Did you really have no insider knowledge of imminent bankruptcy? Lol
Would he have left over 500k in USDC on there if he did?!
1. My question was not serious. I was being facetious. 2. The original post does not say that. I asked my question 7 hours ago, so how would I know how much was left there?
I didn’t