Celsius Network Distributes $127 Million To Creditors In Bankruptcy Proceedings

According to Odaily, Celsius Network is distributing $127 million to eligible creditors as part of its second payment under bankruptcy proceedings, following its collapse in July 2022. This latest distribution increases the total recovery rate to 60.4% of eligible claims, building on the initial payment made in January 2024, when approximately 57.65% of eligible claims were paid in liquid cryptocurrency or cash. The second distribution primarily consists of liquid cryptocurrency, converted to Bitcoin at an average price of $95,836.23 to match the claim value. The payments cover various categories of creditors, including retail deposit claims, general revenue claims, and unsecured loan claims. In related developments, former Celsius Network CEO Alex Mashinsky is scheduled for a pretrial conference on January 16, 2025, with a jury trial set to commence on January 28, 2025. This legal proceeding is part of the ongoing fallout from the company's financial difficulties and subsequent bankruptcy.