Togut, Segal & Segal LLP Retained by Celsius Network Ad Hoc Group of Custodial Account Holders

Aug 2, 2022 | News & Announcements

The Togut Firm is pleased to announce that on August 2, 2022, the firm was retained as counsel to an Ad Hoc Group of Custodial Account Holders of Celsius Network.  Celsius Network LLC and its affiliated debtors filed for chapter 11 protection on July 13, 2022 with the U.S. Bankruptcy Court for the Southern District of New York following the freezing of all customer withdrawals from its online cryptocurrency storage platform.

As of the time of this press release, the Ad Hoc Group has more than 35 members with more than approximately $15 million in the Celsius “Custody Wallet” program (valued as of the July 13, 2022 bankruptcy commencement date).  The Ad Hoc Group is focused specifically on the Custody Wallet program, though many members of the group also have holdings in other Celsius programs like Earn.

The matter is being led by Togut Firm partner Kyle J. Ortiz and counsel Bryan M. Kotliar.  For more information, please contact [email protected] or call (212) 594-5000.