Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started
Celsius Releases Update on Rewards And Bonuses For Certain Customers
Published Mar 16, 2023 06:10AM ET
Updated Mar 16, 2023 06:30AM ET
Celsius Releases Update on Rewards And Bonuses For Certain Customers
- Celsius recently addressed the rewards, bonuses, and promotions for customers.
- The bankrupt crypto lender stated that customers have no control over these rewards paid between the pause date and the bankruptcy filing date.
- Celsius also stated that they refreshed all data based on data validations.
Bankrupt cryptocurrency lender Celsius recently stated in a tweet that it will be reissuing and mailing 1099-MISC forms for certain customers in the coming days.
Celsius will be reissuing and mailing 1099-MISC forms for certain customers in the coming days.— Celsius (@CelsiusNetwork) March 16, 2023
Celsius mentioned in the tweet that it was revisiting its tax compliance reporting obligations. It determined that customers didn’t have control over rewards, promotions, and bonuses that were paid between the pause date and the Chapter 11 bankruptcy filing date.
As a result of this determination, Celsius updated all pertinent data through data validations and adjusted the dates utilized in the initial calculation of reward payments for 2022 from July 14, 2022, to June 12, 2022.
Celsius has indicated that due to these revisions, the rewards payments for customers may deviate from the figure shown on the 1099-MISC forms that were issued in January 2023. The crypto lender also stressed that the forms won’t be marked as “corrected.” The reason cited was that it hadn’t submitted these values to the IRS.
Regarding the threshold, Celsius stated in the tweet:
Only the updated and correct values for those amounts that meet the $600 threshold set by the IRS will be submitted.
In response to “extreme market conditions,” Celsius suspended withdrawals, swaps, and transfers, prompting speculations of the platform’s significant insolvency. The downfall was a follow-up to the collapse of Do Kwon‘s Terra and the LUNA ecosystem in May.
In an effort to address mounting liquidity concerns, the company disclosed on July 3, 2022, that it would be terminating 23% of its workforce. However, on July 13, 2022, Celsius Network ultimately resorted to filing for bankruptcy.
The post Celsius Releases Update on Rewards And Bonuses For Certain Customers appeared first on Coin Edition.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.