The proposal to raise the valuation of CEL to $0.8 by Celsius token holders was not approved

ChainCatcher news, according to CoinDesk, holders of Celsius Network's native token recently attempted to increase the valuation of the CEL token but were unsuccessful. A ruling issued by a New York bankruptcy court on Thursday stated that Celsius's native token holders failed to successfully argue that CEL should be valued at the trading price of $0.8 on the day the crypto lending platform filed for bankruptcy in July 2022.

It is reported that Celsius's management proposed to set the value of CEL at $0.25, as they wish to conclude the company's affairs as soon as possible, expedite the sale to the cryptocurrency consortium Fahrenheit, and return funds to creditors. This valuation itself has already increased from the previous $0.20, which was approved by the judge in a disclosure statement related to the sale with Fahrenheit last week.