On November 28th, according to court documents, Celsius Network is distributing $127 million to eligible creditors in its second payment under bankruptcy proceedings, after its collapse in July 2022. The latest distribution raises the total recovery rate to 60.4% of the eligible claim amount, based on the first payment in January 2024, when approximately 57.65% of eligible claims were paid in the form of liquid crypto assets or cash.
The second payment is mainly composed of liquid crypto assets, with funds converted to Bitcoin at an average price of $95,836.23 to match the value of the claims. The payment covers various categories of creditors, including retail deposit claims, general income claims, and unsecured loan claims. Former Celsius Network CEO Alex Mashinsky will begin jury trial on January 28th, 2025, following a pretrial conference on January 16th, 2025.