The Court approved a Settlement among Celsius, the Custody Ad Hoc Group, and the UCC that will return Custody Assets not already eligible for withdrawal to users with Custody Assets that elect to participate in the settlement. cases.stretto.com/public/x191/11… This Settlement returns a portion of digital assets in the Custody Program to account holders who choose to opt in to this Settlement.

This week, the bankruptcy court approved our motion to set the bar date, which is the deadline for all customers to file a claim. The bar date has been set for January 3, 2023. Customers should expect to receive a notice regarding the bar date and next steps in the proofs of claim process from our claims agent, Stretto, via email, physical mail for those customers with an address on file, and through a notification in the Celsius app.

Celsius today filed a motion requesting approval to extend the Exclusivity Periods in our cases. This is the period when Celsius has the exclusive right to submit a plan of reorganization. We are making substantial progress towards the determination of a value-maximizing path forward, but this important work is complex and it is critical for us to be as rigorous and thorough as possible in the interest of all stakeholders.

At our hearing today and throughout our case, Celsius continues to engage with the Unsecured Creditors Committee and U.S. Trustee to make meaningful progress on our efforts to maximize value for all customers and ensure transparency in our case. We expect to soon begin the Claims process. Our objective is to make the entire process simple and straightforward for all customers.

As we continue to focus on maximizing value for all stakeholders, we want to share what we hope to be a positive first step towards meeting the expectations of our community and other important updates from our hearing today. Last night, Celsius filed a motion requesting the authority to reopen withdrawals for specific Custody and Withhold accounts.

We know that any reorganization plan will require buy-in from the community. We were encouraged to hear at today’s First Day proceeding that the US Trustee is working quickly to form the committee that will work to serve the interests of our customers.

Our First Day Hearing will take place on Monday. This provides an opportunity for the Court to hear from Celsius and consider next steps for the process. There, we will reiterate that we sought Chapter 11 protection to begin a process designed to maximize value and recoveries.

Moments ago, @CelsiusNetwork filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring.
businesswire.com/news/home/2022… This decision was made with the intention to provide the best opportunity to stabilize the business, consummate a comprehensive restructuring transaction that maximizes value for all stakeholders, and emerge from Chapter 11 positioned for success in the crypto industry.

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