Celsius

Million

when

<ul class="wp-block-list">
 <li>Celsius Network distributes $127M to creditors, raising total recovery rate to 60%.</li>  
 <li>The second payout follows Celsius’s 2022 collapse, offering partial relief to creditors.</li>  
 <li>Bankruptcy proceedings continue, with more payouts possible as liquidation progresses.</li> 
</ul>  
<p>Celsius Network is <a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174911272480000000219.pdf" rel="noopener noreferrer nofollow">distributing</a> $127 million to creditors as part of its second bankruptcy settlement. This comes roughly two years after the crypto lender collapsed in July 2022. According to court filings, the repayment boosts eligible creditors' total recovery percentage to 60%.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/CelsiusNetwork/status/1861896567789375742
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<h2 class="wp-block-heading" id="h-raising-the-recovery-rate"><strong>Raising the Recovery Rate</strong></h2>  
<p>The latest payment is part of its ongoing <a href="https://cryptonewsland.com/celsius-clients-gave-up-legal-rights-to-their-btc-us-judge/" rel="noopener noreferrer nofollow">bankruptcy</a> proceedings. The company declared bankruptcy after blocking withdrawals in June 2022, leaving many investors unable to access their assets. The payment is the second in a series intended to refund funds to creditors. This payment follows the initial distribution made earlier this year.</p>  
<p>With this additional payment, creditors have now received 60% of their claims. Although this is a big milestone, many creditors are still waiting for their claims to be totally settled. The business continues to liquidate its remaining assets in the intention of repaying as many creditors as possible.</p>  
<h2 class="wp-block-heading" id="h-the-road-to-celsius-recovery"><strong>The Road to Celsius Recovery</strong></h2>  
<p>The financial collapse was caused by a combination of poor management and a drop in the cryptocurrency markets. The company offered high-interest accounts for crypto deposits, which led to a large pool of assets under management. When the market crashed in 2022, Celsius was unable to fulfill its promises to clients.</p>  
<p>Celsius is now moving through its bankruptcy proceedings, which include assessing and approving creditors' claims. The payout this week brings some relief to those waiting to recover their funds. However, it remains uncertain when the entire bankruptcy procedure would be completed.</p>  
<p>Although the $127 million settlement is a step forward, creditors remain concerned. The company's liquidation is still in progress, and additional payouts may be made. However, many creditors are still unsure how much they would be able to recover from the failed cryptocurrency lender.</p> 
<p>The post <a href="https://cryptonewsland.com/celsius-network-distributes-127-million-to-creditors/" rel="noopener noreferrer nofollow">Celsius Network Distributes $127 Million to Creditors in Second Payout</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Celsius Network Distributes $127 Million to Creditors in Second Payout

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