The Celsius cryptocurrency platform, which aimed to provide banking-like features to users, faced several issues in 2022, including the worst bear market in cryptocurrency history. The platform filed for bankruptcy protection in July 2022, leading to a loss for many investors. Celsius became insolvent, freezing assets of several million customers, and the value of the damage exceeded $5 billion.
Celsius will distribute $127 million to its lenders in BTC or USD stablecoins, contingent upon their Coinbase account. Former Celsius CEO Alex Mashinsky is accused of fraud and faces up to 115 years in prison if found guilty of violating commodity exchange laws and securities laws.
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<p>The post Celsius Offers $127 Million to Creditors Amidst CEO Fraud Scandal first appeared on CoinBuzzFeed.</p>
