#CELSIUS HEARING LIVE: #SEC making their appearance for the record. K&E giving an update on disclosure statement objections. UST & debtors will move objections to confirmation statements. Earn Ad Hoc amended reservation of rights. K&E say $CEL should not be a disclosure issue. #CELSIUS HEARING LIVE: @FahrenheitHldg needs $5m expenses covered & requesting approval today. No objection. Ferraro's declaration was admitted as evidence. @CelsiusUcc supports the plan and wants to start soliciting the plan. Discussing governance requests by Earn Ad Hoc

🇺🇸 SEC says #Coinbase made "billions of dollars unlawfully facilitating the buying and selling of crypto asset securities."

“#SEC sues Coinbase in NY federal court for offering unregistered securities”

Full disclosure I’m a shareholder cointelegraph.com/news/sec-sues-… via @Cointelegraph I’ll be reading the Filing here & I’ll do a similar analysis like I did for #Binance earlier today:

storage.courtlistener.com/recap/gov.usco…

OK. Had some time to read the #SEC charges against #Binance.

First, I believe they are trying to get ahead of any issues rather than waiting for the issues to cause a blow up like FTX / Celsius. SEC has learnt from mistakes. I’m not staying Binance will blow up as they probably… twitter.com/i/web/status/1… ALLEGATION:

Binance publicly claimed that U.S. customers were restricted from transacting on Binance dot com, Zhao & Binance in reality subverted their own controls to secretly allow high-value U.S. customers to continue trading on the Binance dot com platform.

MESSAGE:

The… twitter.com/i/web/status/1…

OK. Latest on the #Celsius Chapter 11… Auction continues tomorrow - Notice about the 5/3 @ 10am continuation time cases.stretto.com/public/x191/11…

#CELSIUS HEARING LIVE: Updated Agenda
- Company Status Update

Uncontested Matters
- Stout Retention Application (Valuation Advisor)
- Withhold Settlement
- Wohlman Settlement

Contested Matters
- Class Claim Motion

Fee Applications
- Fee Examiner's Summary Report
- K&E
- Akin… twitter.com/i/web/status/1… #CELSIUS HEARING LIVE: Ferraro going over Company Status Update Presentation. Going over withdrawal slide.

TL:DR Pre #Celsius Chapter 11 Court Hearing Updates: Ignat Tuganov, via counsel, has concerns related to the UCC @CelsiusUcc being the representative for the class claim motion. He wants more specifics related to amount of, voting rights related to, and possible settlement conditions for the class claim. He is concerned about the… twitter.com/i/web/status/1…

Latest #Celsius Chapter 11 Updates For Creditors with TL:DR: Settlement of litigation from a former employee that did not have a separation agreement but alleged discrimination. She brought a case against Celsius in the UK and given the @CelsiusUcc involved with litigating it, #Celsius and the UCC decided to settle cases.stretto.com/public/x191/11…… twitter.com/i/web/status/1…

#SEC on #Celsius Chapter 11 #NovaWulf Bid after Judge Glenn request to comment - they have no comment on the bid protections motion and also said they "do not yet have all the facts and details that may be necessary to fully evaluate the transactions." cases.stretto.com/public/x191/11… #Celsius Shareholders & Creditors Important Update youtube.com/live/l9PQxKQZ7…

#Celsius Chapter 11 Update: Debtor's reply to the Bid Protections Proposal and Objections thereof to be heard in court today. cases.stretto.com/public/x191/11… — #Celsius reiterate major plan benefits —
1) 100% of common equity to General Earn Claim holders in the form of Equity Share Tokens (ESTs).
2) Management Share Tokens (MSTs) to General Earn Claims get an annual distribution eq to 50bps of NewCo Fee-Paying Asset Value and a 2.5%… twitter.com/i/web/status/1…

#Celsius & @CelsiusUcc going after claims & causes of action against insiders due to "fraud, recklessness, gross mismanagement, and self-interested conduct." cases.stretto.com/public/x191/11… twitter.com/i/web/status/1… Looks like they're settings the stage for the litigation trust. If you want to get in trouble with your significant other read this on Valentines Day inserts of being romantic. ❤️

1/4) If we don't see a #Celsius plan on 2/15, we're probably all getting liquidated $USD back at this point. Regulators are running low on patience. Time to show the plan Celsius. No more messing around cases.stretto.com/public/x191/11… 2/4) Multiple state entities (Alabama, Arkasas, DC, Hawaii, Maine, New York, North Carolina, North Dakota, Oklahoma, California) agree that the estate has been bleeding funds and Celsius has not proven that they are ready to present a plan.

It’s official. #Celsius was an illegal bank. Judge Glenn has ruled that Earn is property of the estate cases.stretto.com/public/x191/11… "For the reasons detailed below, the Court finds, on the evidence before it, that the Terms of Use formed a valid, enforceable contract between the Debtors and Account Holders, and that the Terms unambiguously transfer title and ownership of Earn Assets deposited into Earn…

#Celsius 24 Jan Court Hearing Motions…

https://twitter.com/celsiusucc/status/1610621388972515328

#1. Resuming servicing of institutional loans cases.stretto.com/public/x191/11…

#Celsius service was referred to as “securities” lending rather than “secured” lending. Secured lending means you hold the coins in custody to sell if loan goes wrong. Securities lending means you use the collateral to invest & can back loan by a security known as Rehypothecation

https://twitter.com/presel_/status/1610489848795914240

“We search for yield” means coins are used to make a range of investments meaning they are selling a security which diversifies. That’s a fund that is subject to securities laws - registration, suitability & disclosure requirements are required. That’s not collateralized lending.

1/4) Reading between the lines @cameron letter concerns me deeply by drawing an analogy between @DCGco & #FTX.

Entertain me for a couple of tweets…

“Related party undisclosed loan”

Sounds like Alameda <> FTX loans 2/4) “Used to do a share buy back”

Sounds like the #FTX share buy back of @cz_binance shares.

“Do some crazy venture investment”

Sounds like #FTX venture investing

“Pump the #GBTC AUM & value”

Sounds like pumping $FTT

The Full Testimony #SBF Planned To Give To Congress Today! @SBF_FTX Testimony page 1 #FTX U.S. House of Representatives Committee on Financial Services… #SBF Testimony page 2 #FTX U.S. House of Representatives Committee on Financial Services…

Better requesting things that help creditors level the information curve with bidders rather than dirty laundry that divides creditors. If you were on the last #Celsius #UCC Town Hall you know what I’m talking about. 🍋 #CreditorsFirst

https://twitter.com/CelsiusUcc/status/1602627040007569408

Thanks for your hard work for creditors @camcrews - In case you missed the Town Hall twitter.com/i/spaces/1vOxw…

#Celsius' statement in support of GK8 sale cases.stretto.com/public/x191/11… A&M statement in support of GK8 sale cases.stretto.com/public/x191/11…

If you lost money in the @Mashinsky #CelShortSqueeze the examiner report on $CEL & misrepresentation comes out on 17th January 2023. As creditors we had to pay tens of millions for the report so lets make sure we use it & get our return on investment in the end. #FTX #Celsius Remember the #CelShortSqueeze if organized by @Mashinsky was not a #Celsius initiative so legal consequences of the losses do not likely come from a bankrupt estate. This is him acting as an individual extracting value from creditors estate. Not legal advice. $CEL

#CELSIUS HEARING LIVE: Custody/Withhold hearing starting. Kyle from Togut up and giving a synopsis. Kyle is making the case that a fungible commodity makes no distinction as to what you specifically get back so internal ledger matters more so than actual custodial implementation. #CELSIUS HEARING LIVE: Judge is asking for clarification as to what written contract terms he's basing his intent argument on. Judge asking about the approx value to the pending withdrawals. ~ $15m of the custody assets according to Kyle.

#CELSIUS HEARING LIVE: CEO Chris Ferraro on the podium being sworn in and giving some background. Sharing his farming background after JP Morgan. He's saying the rural farms he developed helped him see the value crypto could have for underdeveloped populations. #CELSIUS HEARING LIVE: US Trustee asks about a consolidated budget provided on dec 3 to the trustee's office that hasn't been filed yet. She's pushing that a budget hasn't been posted to the docket since Oct 17, 2022.