👍💵 #CelsiusNetwork ARM & Litigation Update (+1% from Settlements in Q1 '25) Litigation Admin & BRIC now hold 3.5% of your total claims in cash, w/ expectations of a further distribution likely towards the end of 2025. This doesn't referred to assets & other know distributions expectation which I previously said were at 7.38%. Currently, based on known information, there's approximately 9.12% in value(Holdbacks: $52.3M, Illiquid Assets: $60M, Reserves: $120M, Litigation Admin Cash: $175.7M, Mashinsky: $48M) Summary: 🙂 $57M (1% recovery) was recovered from settlements w/ parties (Unslashed Finance & Reliz). 🙂 Lawyers are engaged w/ 750 parties for $600M in claims (as of June 14, 2024 prices, it's unlikely that this will be close to the real value). A new platform has been created to fast-track different settlement solutions w/ these parties. 🙂 $13.9M in stranded crypto wallets have been recovered, along w/ another $10M in illiquid assets. 😲 @CelsiusLOC has been paid $6.46M by creditors, evenly divided among 7 individuals, that's $923K each. So far, @camcrews/@HellsiusNetwork hasn't disclosed how much he has received, despite attacking & fueling attacks on the @IonicDigital board, harming the court-approved plan. 🙂 $304M in erroneous claims have been disallowed & expunged. (The closer we get to unlocking reserves worth ~2.4% of Total claims) 🙂CEL OTC & bonuses from insiders have been settled or successfully asserted; only 1 has escaped so far. (Basically, CEL OTC allowed insiders to cash out CEL w/o impacting the market price up or down or had any framework for disclosing such) 🙂Subpoenas have been issued to 9 cryptocurrency exchanges & 1 law firm, pursuant to a court order authorizing early discovery to obtain identifying information for certain defendants. Settled/Final Stage of Litigation: 🥳 @IonicDigital/@CelsiusNetwork won the case vs. @Mawsoninc / LunaSquares. Lawyers were awarded $8.7M due to attorney expenses by the court & enforced the original promissory note ($22.4M); none has been paid yet. 🙂 3AC settlement w/ future payments expected. 🙂 @compoundfinance agreed & returned 1 fraudulent transfer. 🙂 Reliz payed 1 out of 2 notes worth $13.1M Arbitration/Mediation: 🙂@intotheblock is in mediation for a settlement. Discovery Stage: 🙂 @EquitiesFirst is now in discovery & arbitration (arguably the singularity that ignited Celsius's collapse). 🧐 Tether filed a motion to dismiss, likely to be refused; discovery continues. 🙂 Litigation & discovery started against certain insiders and Compliance Risk Concepts, LLC for breaching fiduciary duties, fraud and negligence Initial Stage of Litigation (Proof of Claim/Serving): 🙂 @compoundfinance failed to appear in court against a claim from Celsius; more cases & resolutions are being pursued. 🙂 Active litigation w/ @BadgerDAO founder & @Cloudflare. 🙂 @TerraForm: Celsius is part of the UCC in its bankruptcy case, filing proof of claims & pursuing recovery. 🙂 Lawyers are going after some of people that KeyFi bought NFTs from to recoup some of creditors crypto. 🙂 $50M Note from @Rhodium being pursued in their bankruptcy 🙂 Litigation started against @chainalysis for breach of fiduciary duties. 😡 Most of the claims on #FTX were wrongly filed and it's being appealed right now. Source: ⬇️