How did Celsius break customer promises?

Crypto lender Celsius Network has proposed a new Chapter 11 restructuring plan that will see customers recover up to 70% of their funds.

The plan has the support of the Official Committee of Unsecured Creditors (UCC), and investment advisory firm Nova Wulf will take over the operations of a new company.

The plan notes there will be no involvement from Celsius founders, and NovaWulf will contribute $45-55 million in cash.