thecryptobasic.com
XRP holders on collapsed cryptocurrency lending platform Celsius might still be able to receive their Flare (FLR) airdrop.
Crypto Law founder attorney John Deaton made this known in a tweet yesterday by sharing a motion for Celsius Network users who held XRP on the platform at the time of the snapshot, December 12, 2020, at 00:00 UTC.
The motion shared by attorney John Deaton requests that the debtors distribute the Flare tokens to all eligible Celsius accounts. Notably, a court hearing will be held on January 24 at 10 a.m. (ET), via Zoom before Chief Bankruptcy Judge Martin Glenn.
“Please take notice that a hearing on the Debtors’ motion for entry of an order authorizing the debtors to credit Flare Tokens to eligible account holders will be held on January 24, 2023, at 10 a.m., prevailing Eastern Time, before the Honorable Martin Glenn, Chief United States Bankruptcy Judge,” an excerpt of the motion read.
#XRPHolders please be advised that @CryptoLawUS received the below motion for #XRPHolders who had their #XRP on @CelsiusNetwork on the day of the snapshot will hopefully receive the airdrop. @HugoPhilion pic.twitter.com/GW7CWpp7BS
— John E Deaton (@JohnEDeaton1) January 9, 2023
It is noteworthy that the parties who wish to appear at the hearing can do so through the court’s website an hour before the scheduled time. The motion noted that the parties need to sign in to Zoom using their first and last name.
Meanwhile, Bill Morgan also confirmed the development, saying eligible Celsius Network accounts will receive their FLR tokens if the motion is granted.
Just a reminder for #XRP holders who had expected to receive a distribution of the airdropped #Flare tokens from Celsius. If the below motion in the Celsius Ch. 11 matter on 24 January is successful you should be able to receive them. https://t.co/XGe4OwcwUn
— bill morgan (@Belisarius2020) January 9, 2023
Flare CEO Hopes the Motion Is Granted
Commenting on the recently-filed motion, Flare Network CEO Hugo Philion said he hopes the court grants the motion.
“Yes! I really hope the motion is granted,” Philion said.
As reported by TheCryptoBasic in July 2022, Celsius Network filed for Chapter 11 bankruptcy protection. Further reports revealed that the company has a hole of $1.2 billion in its balance sheet.
Flare Token Distribution Event
Interestingly, Flare Network kicked off the much-anticipated airdrop event two years after it took the snapshot. The FLR tokens will be distributed to eligible XRP holders later today. Several cryptocurrency exchanges have previously declared support for the event, including Binance, KuCoin, Crypto.com, Coinbase, OKX, etc.
While these crypto trading platforms have indicated they would distribute the FLR to eligible accounts, it is still being determined what would happen to Celsius users who had XRP in their balance at the time of the snapshot. Following the recently-filed motion, eligible Celsius accounts will receive the FLR airdrop once the motion is granted.