Celsius

Bitcoin

Million

Billion

<p><strong>Key Points:</strong></p>  
<ul class="wp-block-list">
 <li><em>Celsius Network has distributed $127 million in its second bankruptcy payout, raising the recovery rate for eligible creditors to 60.4%.</em></li>  
 <li><em>The Celsius second distribution, part of a $3 billion reorganization plan, includes cash, crypto, and shares in Mining NewCo, a Bitcoin mining and staking entity.</em></li> 
</ul>  
<h5 class="wp-block-heading">Bankrupt crypto lender Celsius Network has <a href="https://x.com/CelsiusNetwork/status/1861896567789375742" target="_blank" rel="noopener noreferrer nofollow">begun</a> the second wave of disbursements, with about $127 million being given out to eligible creditors, a recent court filing has shown.</h5>  
<figure class="wp-block-image aligncenter size-large"><a href="https://coincu.com/wp-content/uploads/2024/11/image-350-3.jpg" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2024/11/image-350-3-1024x576.jpg" alt="Celsius Second Distribution Underway to Eligible Creditors for $127M" class="wp-image-294140"></a>
 <figcaption class="wp-element-caption">
 </figcaption>
</figure>  
<p class="has-background" style="background-color:#222222">Read more:<a href="https://coincu.com/242737-revolut-paused-some-crypto-services-by-fca/" target="_blank" rel="noopener noreferrer nofollow"> </a><a href="https://coincu.com/282672-kraken-lightning-network-is-now-suspended/" target="_blank" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/wp-admin/post.php?post=288824&amp;action=edit" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/259100-tornado-cash-developer-sentenced-in-prison/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/288904-ripple-sec-lawsuit-intensifies-again/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/293764-semler-scientific-bitcoin-portfolio-boosted/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/241612-celsius-bankruptcy-administrator-requires-repay/" rel="noopener noreferrer nofollow">Celsius Bankruptcy Administrator Requires Creditors Withdrawal To Repay 27.5% Of Assets</a></p>  
<h2 class="wp-block-heading" id="celsius-second-distribution-will-repay-127-million-to-creditors">Celsius Second Distribution Will Repay $127 Million to Creditors</h2>  
<p>The move comes after the platform went down in July 2022, one of the most high-profile bankruptcies in the crypto lending market.</p>  
<p>The Celsius second distribution takes the total recovery rate to 60.4% of eligible claims, from the initial payout in January 2024, when 57.65% of claims were paid. The first distribution, worth more than $2.53 billion, went to about 251,000 creditors.</p>  
<p>Mainly comprising liquid crypto assets, the Celsius second distribution is pegged to <a href="https://coincu.com/294097-sos-bitcoin-investment-strategy-planned-with-50m/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, converted at an average price of $95,836.23 per BTC to match claim values.</p>  
<p>Distributions encompass not only retail deposits but general earnings and claims on unsecured loans alike. Others have obtained cash due to certain logistical glitches or because the <a href="https://coincu.com/247586-celsius-creditor-distribution-takes-place/" target="_blank" rel="noopener noreferrer nofollow">creditors</a> opted out in the original round.</p>  
<h2 class="wp-block-heading" id="reorganization-plan-in-celsius-aims-at-3-billion-distribution">Reorganization Plan in Celsius Aims at $3 Billion Distribution</h2>  
<p>To receive funds, eligible creditors must undergo anti-money laundering and Know Your Customer procedures through their <a href="https://coincu.com/257279-celsius-network-burns-90m-platform-tokens/" target="_blank" rel="noopener noreferrer nofollow">Celsius</a> accounts. More information may be requested by the appointed distribution agent.</p>  
<p>The reorganization plan would feature the distribution of almost $3 billion in cash, crypto, and shares of Mining NewCo, the company which handles Bitcoin mining and staking and was green-lighted by the bankruptcy court, as well as by the U.S. Securities and Exchange Commission, during this year. Besides, the former CEO of the company, <a href="https://coincu.com/283004-former-celsius-ceo-tries-to-take-testimony/" target="_blank" rel="noopener noreferrer nofollow">Alex Mashinsky</a>, is scheduled to go to trial on January 28, 2025.</p>  
<figure class="wp-block-table">
 <table class="has-luminous-vivid-orange-color has-text-color has-link-color">
  <tbody>
   <tr>
    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
   </tr>
  </tbody>
 </table>
</figure>  <a href="https://coincu.com/?p=294138" rel="noopener noreferrer nofollow">Read original article on coincu.com</a>

Celsius Second Distribution Underway to Eligible Creditors for $127M

Table of Contents

Coincu

Other articles published on Nov 28, 2024

Arbitrum DeFi Protocol Thala Labs Recovers $25M After Exploit on Nov. 15

Whales Buy as Cardano Price Turns Bullish

Top 3 Bullish Cryptos: Altcoin Seed Round Reaches $150M, Bitcoin Eyes $100K Milestone, Toncoin Ga...

HECO Network to Cease Operations a Year After $87M Hack

Michael Saylor’s MicroStrategy Expands its Bitcoin Reserves to 331,000 With Latest Acquisition

BYDFi Adds CHILLGUY to Platform as Market Cap Exceeds $600M

Join our free newsletter for daily crypto updates!