The custody wallet holders were the first to form an ad hoc group in the case. These creditors are worried that Kirkland & Ellis, the law firm hired on Celsius’ behalf, may be telling them what they want to hear without doing much to support them, according to Thomas Braziel, the founder of bankruptcy claims specialist 507 Capital. For example, Kirkland could have filed a motion to return their money in fiat currency, as was done for another bankrupt crypto lender, Voyager Digital, where assets were held by a bank.

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