Celsius Network has informed us that interest accruals will be paused retroactively from 13/07/2022 onwards, due to their Chapter 11 application filing on this date. This means there will be no further interest accrued to the balance of our users’ Bitcoin Interest Accounts until further notice.

We remain in contact with Celsius and we monitor the Chapter 11 proceeding together with our lawyers.

Celsius Update 14/07/2022

Today Celsius announced publicly the filing of voluntary petitions for reorganisation under Chapter 11 of the U.S. Bankruptcy Code. Celsius’ statement in this respect is as follows: “Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, Swap, and transfers on its platform to stabilize its business and protect its customers. Without a pause, the acceleration of withdrawals would have allowed certain customers - those who were first to act - to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery.

What does a Chapter 11 application mean?

Chapter 11 is a proceeding for the restructuring of outstanding liabilities under US law. We understand from Celsius’ statement that it is no longer possible for particular creditors to enforce any claims against Celsius, but the repayment of Celsius’ outstanding liabilities will be subject to the formal restructuring proceeding. 

Celsius has provided the following statement with regards to the filing: “Chapter 11 cases provide the Celsius with the best opportunity to stabilize the business, consummate a comprehensive restructuring transaction that maximizes value for all stakeholders, and emerge from Chapter 11 positioned for success in the cryptocurrency industry.” In addition, Celsius has prepared an educational video on Chapter 11 for its customers which is available here (in English only).

The official announcement from Celsius can be found here. Additional information about the Chapter 11 filing, including Court documents, can be found at: https://cases.stretto.com/celsius

The filing by Celsius only affects the Bitcoin Interest Account. The withdrawal function remains inactive. All other products and services offered by Nuri, such as the bank account, Visa Debit Card, Crypto Trading, Crypto Wallets, Savings Plans and Nuri Pots continue to work as usual.

We are in contact with all affected customers to answer any questions regarding the Celsius situation.

Celsius Update 13/06/2022

To our regret, Celsius has announced this morning that due to the current extreme market conditions, they have decided to temporarily pause all withdrawals and transfers between accounts. This decision is also affecting our Bitcoin Interest Account. 

How this affects Nuri’s Bitcoin Interest Account

In their announcement, Celsius explained that they took this action to stabilise liquidity and operations for the benefit of the entire community. Until there are further updates, we have also decided to temporarily pause the investing functionality for our Bitcoin Interest Account. 

Nuri remains transparent

We want you to be in control of your finances. That’s why we’re in close contact with Celsius about the duration of this withdrawal pause. We will of course update you directly as we receive more information on the status. 

Nuri remains active 

We want you to be able to withdraw and invest freely at any time. While withdrawals and investments for the Bitcoin Interest Account are temporarily paused, all our other banking and investing features are still active and ready to be explored. 

Nuri remains to be here for you

We understand that money is a delicate subject. That’s why we commit to continue being available for you and your questions. We continue to work hard to ensure this situation is clarified and resolved as fast as possible – because your personal and financial well-being is our highest priority.

You can find Celsius’ full statement here.  

Note: The Bitcoin Interest Account is subject to a separate contract with and separate terms and conditions by our partner Celsius Network, in which Nuri is not involved. By offering the Bitcoin Interest Account, Nuri brokers transactions for the acquisition and sale (here: non-cash lending) of financial instruments within the meaning of section 1 (1a) sentence 2 no. 1 KWG (investment brokerage). In brokering the Bitcoin Interest Account, Nuri acts exclusively for the account and under the liability of Solarisbank AG as a tied agent (vertraglich gebundener Vermittler) within the meaning of section 2 para. 10 KWG. For more information, please see our Special Terms and Conditions and the Risk Disclosure for the Bitcoin Interest Account.