Celsius Network Plans To Follow A Recovery Plan Similar To Bitfinex: Simon Dixon, leading investor and co-founder of the Celsius Network BnkToTheFuture, has proposed a recovery plan for the Celsius Network. Both are proposing to implement the same recovery model adopted by Bitfinex following the 2016 hack.
Celsius Network Recovery Project
Published by Dixon Report He said on Saturday that the solution for the network was not in traditional funds. The co-founder of Celsius added that the events of the Mt.Gox transaction show how unreliable traditional funds are in resolving crypto issues.
“I believe the solution can only be found using financial innovations as we did with Bitfinex. It was resolved within 9 months and worked well for depositors,” Dixon added.
The redemption plan, filed by Dixon, was borrowed from the crypto trading platform Bitfinex. In August 2016 the platform crashed and lost about 120,000 BTC, increasing customer loss to $ 72M.
Bitfinex proposes an innovative redemption plan that allows customers to repay BFX tokens. Tokens can be traded openly or kept by those expecting a return on the exchange.
BnkToTheFuture, the largest investor in Celsius, said, “In 2016, Bitfinex needed a plan to recover from their hack and the BnkToTheFuture company I co-founded supported them and implemented a recovery involving security tokens, credit, and equity. Investors get very high returns for the high risk they take.
Dixon did not provide any in-depth details about the proposed recovery plan. Therefore, Celsius users are unsure whether this involves a token or whether the situation will be resolved by other innovative strategies.
Celsius stated on June 20 saying, “It has been a week since we completed the withdrawal, transfer, and transfer. Our community needs to know that our mission is to stabilize our cash flow and operations. This process will take time. ”
Celsius users are not waiting for a solution from co-founders. The community has begun an Unofficial recovery planet a quick drag on Twitter.
The community is trying to force the short sellers of the CEL token to cover up their narrow positions. The community buys and pumps CEL tokens and withdraws these tokens from transactions. This strategy was spotted on Reddit earlier last year. At the time, Supremacy’s users had reduced their stake in Gamestop and AMC to Wall Street shorts.
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