Leading DeFI app is filing an application with the United States Bankruptcy Court Southern District of New York to protect the interests of Celsius users and Investors
The platform is offering a compensatory 5% subsidy on top of any solutions agreed in bankruptcy court to those who choose to exit through the Chainge app.
Chainge Finance is in the process of filing an application with the United States Bankruptcy Court Southern District of New York for the purpose of protecting the interests of Celsius users during its debt restructuring process. With Celsius’ now frozen withdrawals, along with their bankruptcy hearing, investors and users have been hit hard with some losing millions. Chainge Finance has been in contact with Celsius’ financial advisors to work out a specific proposal with the creditors.
DJ Qian, founder & CEO of Chainge Finance said “The best and most logical way to address this issue (and any future ones) is to achieve decentralization together. Moving Celsius’ assets to another centralized entity wouldn’t make sense as the key issue is user’s ownership rights over their assets. Decentralized finance is the solution.”
The move to decentralization would allow users full freedom over their assets and should also reduce overall losses. As a leading decentralized finance platform, Chainge will make efforts to protect the interests of users who have suffered losses during this event and to try and avoid the same, or similar, things happening again in the future through the use of (DeFi) decentralization technology.
When Celsius announced it was “pausing” all withdrawals and transfers between accounts for over 1.5 million investors, they released a statement saying “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swap, and transfers between accounts”.
Celsius said “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.” Chainge plans to mitigate this fall out.
To avoid this ripple effect, Chainge will provide each user, using the Chainge app, an additional 5% subsidy in tokens based on the amount to be compensated from Celsius assets. This will be subject to the completion of due diligence satisfactory to Chainge.
As a leading DeFi utility app, and as the most liquid cross-chain aggregator on the market, Chainge Finance’s technology is one of the only solutions that can minimize this damage. Chainge pledges to make reasonable efforts to protect the interests of users who suffered losses during this event and to try to avoid similar things happening again in the future by using (Defi) decentralized technology.
About Chainge Finance:
Chainge Finance is a next generation DeFi app that stands as the most liquid web3 trading venue on the market, with over $70bn in aggregated liquidity. Chainge provides various cryptocurrency management tools such as a cross-chain wallet integrating 27 EVM & non-EVM compatible chains – so that users can seamlessly swap, send and receive crypto assets across networks – an Escrow Module, a top DEX Aggregator, a Futures DEX, and the very first decentralized Options DEX, all powered and secured by the innovative Fusion DCRM technology.
Change Finance App: https://app.chainge.finance/mymobile
Organization: Chainge Finance
Contact Person: Oana Batran
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Country: United States