Celsius Network has filed an appeal against a ruling that dismissed its claims for damages against FTX, a now-defunct cryptocurrency exchange.
The appeal is part of Celsius's ongoing bankruptcy proceedings, where the company is seeking to recover losses attributed to FTX's actions.
Initially, Celsius sought $2 billion in damages, but later revised its claim to focus on "preferential transfers" and is now seeking $444 million.
The court dismissed Celsius's claims based on inadequate proofs of claim submitted by the company.
Celsius has filed an appeal challenging the court's decision.
The saga began when Celsius filed a $2 billion claim for disparagement, which was later amended to a $444 million claim for preferential transfers.
The court found the amended proofs of claim to be improper and ruled that Celsius did not seek permission to amend its claims.
Celsius has already repaid approximately $2.53 billion to creditors and plans to distribute an additional $127 million from its litigation recovery account.
The outcome of the appeal could have significant implications for Celsius and its creditors, as it highlights the complex legal landscape surrounding bankruptcy claims in the cryptocurrency sector.