Celsius Network Sends $2.5 Billion To Creditors
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Celsius Network has revealed it has repaid over $2.5 Billion to creditors. Celsius Network was one of the major lenders to go bankrupt in 2022. This repayment spells a good omen for FTX creditors still hoping to get paid. Celsius Network Limited says it has distributed over $2.53 billion as part of its bankruptcy proceedings. The payment was made in cryptocurrency and cash to about 251,000 creditors through its bankruptcy administrator. The payouts were based on market price as of January 16, 2024. In a court document filed with the United States Bankruptcy Court Southern District of New York, the distribution thus far has covered over 66% of creditors in terms of numbers and 93% of eligible value. It stated that while efforts were made to clear the remaining, about 121,000 creditors failed to claim their payouts. These categories of creditors have an average disbursement of about $1,500. Celsius’ Breakdown of Creditor Payments Meanwhile, as shown in the court filing, more than half of these creditors, about 64,000 users, have disbursements less than $100 in value. An additional 41,000 have their distributions valued at between $100 and $1,000. According to Celsius, this group of creditors may not move to successfully submit a claim due to the relatively small amounts involved. However, it emphasized that the administrator attempts to disburse using Coinbase every two weeks. Notably, cash distributions are scheduled for each week. Additionally, any PayPal claim code remains redeemable at any time once issued. Cumulatively, the administrator has tried 2.7 million distributions for about 372,000 currently eligible creditors. This is in addition to several reattempts for nearly all of the creditors who are yet to successfully receive some payments. Celsius Legal Battle with Tether Over $2.4 Billion Bitcoin Collateral In an earlier filing this month, Celsius instituted legal action against…
Filed under: News - @ August 28, 2024 11:25 am