In an effort to help users affected by the insolvency of crypto lender Celsius, Crypto investment platform BnkToTheFuture suggested three recovery plans last Thursday.

Registered as an excluded securities business, BnkToTheFuture and Cayman Islands Monetary Authority, holds 5% of Celsius’s share. “We believe that this allows us to call a shareholder meeting as part of our statutory shareholder rights that legally cannot be ignored by the Celsius board,” it said in the Thursday post.

The first proposal is Celsius to undergo restructuring and relaunching. This would would allow depositors to benefit from “any recovery through financial engineering” and could refer to the issuance of additional tokens or additional fundraising.

The second proposal is to form a pool of the most influential bitcoin (BTC) holders and have them “co-invest with the community” in a effort to raise significant amounts of capital for Celsius. BnkToTheFuture said it had previously handled fundraising of over $20 million for Celsius whereby a total of 1,039 investors have participated.

BnkToTheFuture explained that “We completed a similar disaster recovery offering for Bitfinex in 2016”. Over $76 million raised from investors to help the then beleaguered crypto exchange which suffered from a hack of 120,000 bitcoin at the time.

Last but not least, the third proposal is to “form an operational plan that allows a new entity and team to rebuild and make depositors whole.” However there are “risks and full recovery of funds is not guaranteed,” BnkToTheFuture said.

On Friday, a community vote for the three proposals is ongoing. BnkToTheFuture is expected to hold a formal meeting with Celsius board members.

Earlier this month, Celsius has cut off withdrawals from its platform, citing “extreme market conditions,” which lead to fears of its possible insolvency at the time. Withdrawals are still paused and regulators have opened investigations against the company.

Celsius said on Thursday it is exploring options to “preserve and protect assets,” as reported.


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