Celsius to distribute more than $2.5 billion to creditors amid bankruptcy proceedings

Closed Cryptocurrency Lending Institutions Celsius Distributed over $2.53 billion in cryptocurrency and cash to 372,000 eligible creditors.

Status on August 26th reportCelsius’s bankruptcy plan administrator said 68% of the company’s creditors have been paid. The remaining distributions are mostly small payments. So far, the bankrupt crypto lender has paid about 93% of the $2.73 billion it owes.

121,000 creditors have yet to receive their dividends.

Of the funds paid out so far, $1.43 billion has been distributed via PayPal/Venmo. Another $917 million has been paid to creditors via Coinbase, and $178 million has also been sent via cash transfers. Approximately 121,000 creditors have yet to claim their distributions due to the complexity of the process.

According to the report, some of the challenges include “opening an account with PayPal that matches your date of birth, opening an account with Coinbase that matches your email address and date of birth, and providing debtors with accurate remittance instructions and/or check mailing addresses after the effective date.”

Of the remaining creditors, about 64,000 also hold less than $100 worth of cryptocurrency. Meanwhile, 41,000 creditors owe between $100 and $1,000. In the report, the bankruptcy administrator said these creditors “may have little incentive” to pursue claims because they owe so little.

Celsius to Establish Bitcoin Mining Company as Part of Approved Reorganization Plan

Some of the funds will be used to launch a new Bitcoin mining company called Ionic Digital as part of Celsius. Approved Reorganization Plan. The common stock of this new mining company will be given to certain creditors. These shares are expected to be offered on the public market once the necessary approvals are given.

Celsius successfully emerged from bankruptcy on January 31, 2024, completing the company’s restructuring process. The official announcement can be read here https://t.co/jqQfSzxPyg.

— Celsius (@CelsiusNetwork) February 1, 2024

Miami-based mining company Hut 8 will oversee the new mine’s operations under a four-year contract.

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