Celsius Network has paid out $127 million to eligible creditors in its second distribution since going bankrupt in July 2022. The total recovery rate is now 60.4% based on the initial payout in January 2024 when 57.65% of eligible claims were paid in crypto assets or cash. This second payout mainly consists of liquid crypto assets with funds converted to Bitcoin at an average price of $95,836.23.
The first payout in August was $2.53 billion to approximately 251,000 creditors. Creditors must complete AML/KYC checks for their Celsius Account and provide additional information to their assigned Distribution Agent. Some corporate creditors not submitting an Election Form by the deadline will receive a cash distribution, while those with Convenience Class Claims will not receive the Second Distribution.
Payments apply to retail deposit claims, general income claims, and unsecured loan claims. Alex Mashinsky, former Celsius Network CEO, has a jury trial scheduled for January 28, 2025, with a pre-trial hearing on January 16, 2025.
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<p>The post Celsius Network Distributes $127 Million to Creditors in Second Bankruptcy Payout, Raising Recovery Rate to 60.4% first appeared on CoinBuzzFeed.</p>