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Celsius (CEL) Slips 5.58%: Leaked Audio Reveals Compensation Plan

Celsius Price Chart

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Celsius (CEL) is down 5.58% in seven days and is trading at the $1.476 level. Customer funds have been frozen after the bankrupt cryptocurrency lender Celsius banned withdrawals in June. Now, a leaked audio obtained by CNBC reveals the tentative compensation scheme. Customers who sign up for some of the company’s accounts will receive an “IOU” cryptocurrency.

Nuke Goldstein, one of the founders of Celsius, is heard in the recording outlining a compensation system for consumers who put money into Celsius’ “Earn” account, for which the company had previously guaranteed a return of up to 17 percent.

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Celsius may Pay back Wrapped up Property

According to a recently leaked recording, Celsius Network executives are considering paying back customers by releasing new bundled assets for trading on other platforms. Tiffany Fong, a Celsius customer and known person responsible for the distribution of the previously leaked meeting recording, provided the audio.

Fong claims he received a new tape instead of the recording of the leaked meeting on September 1. Nuke Goldstein, the company’s co-founder and chief technology officer, appears to be going into more detail about the plan to compensate Earn customers.

The goal is to create wrapped tokens known as Cx tokens. It represents the ratio of what the company owes to what it has by first depositing Celsius’ remaining customer repayment funds into wallets. Customers who hold their bitcoins, for example, receive CxBTC tokens.

Customers can either redeem the packaged tokens or wait until additional funds become available. In addition to ETH revenue from staked bets, Goldstein mentioned other currencies that could become liquid. According to Goldstein, customers can trade wrapped tokens in addition to cashing them.

Celsius tries to revive

In a recording made public two weeks ago, CEO Alex Mashinsky described a proposal to revive the company, codenamed Kelvin, at a company all-hands meeting. The creditors’ committee approved Mashinsky’s appointment with them and the presentation of the plan. The creditor committee represents the interests of creditors and consumers in bankruptcy proceedings.

Celsius filed for Chapter 11 bankruptcy protection in July, citing “extreme” market conditions. The matter is currently being discussed in court. The company announced that its three business units had $23 million worth of stablecoins. The company did not specify which of the 11 stablecoins it currently holds.

According to a court filing, the insolvent cryptocurrency lender filed a bankruptcy court filing on Sept. 15 asking for permission to liquidate its stablecoin assets to pay for its Chapter 11 proceedings.

The New Jersey-based company plans to sell its existing stablecoins and any additional money it may acquire to finance operating expenses. If Chairman Martin Glenn, the Supreme Bankruptcy Judge of the United States, approves the transaction, the proceeds will primarily fund the operation of the Celsius Network.

Celsius (CEL) price review and technical outlook

The current price of Celsius is $1.47 with a 24-hour trading volume of $6,487,565. Celsius is down 4.99% in the last 24 hours and over 5% in the last seven days.

With a live market cap of $350,837,890, CoinMarketCap is now ranked #96. It has a total supply of 695,658,160 CEL coins and a circulating supply of 238,863,520 CEL coins.

Celsius price table

Celsius Price Chart – Source: Tradingview

On the technical front, CEL/USD is finding immediate support near the $1.47 level, which is being extended by an uptrend line. A break below the uptrend is likely to extend the selling trend to $1.348.

Instead, increased selling pressure could slice CEL below the $1.348 level and open a further selling trend up to $1.08. On the upside, CEL’s immediate resistance remains at $1.688 or $1.923. Consider looking for a sale below $1,600 and vice versa.

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