Celsius will distribute 127 million USD in the second payment to creditors

Celsius is preparing for the second payment of 127 million USD to eligible creditors from the Dispute Recovery Fund. This amount will be distributed in Bitcoin (BTC), Ethereum (ETH), or US dollars (USD), depending on the request of each creditor. Creditors wishing to receive distributions in Bitcoin or Ethereum must have an active Coinbase account, and the account information must match the data on file with Celsius. After November 9, 2024, creditors who have not received funds will automatically be switched to receive in US dollars.

This distribution process is carried out after the dispute administrators have deducted fees, ensuring that a portion of the funds will be retained in reserve as required. It is worth noting that legal issues are still ongoing concerning former CEO Alex Mashinsky, who is facing serious fraud allegations. This may affect the progress and payment process for creditors in the future.