On November 28, it was reported that according to court documents, Celsius Network is distributing $127 million to qualified creditors in its second payment under bankruptcy proceedings after collapsing in July 2022. The latest distribution raises the total recovery rate to 60.4% of the eligible claims amount, based on the initial payment in January 2024, when approximately 57.65% of the eligible claims were paid in liquid cryptocurrency or cash. The second distribution is primarily composed of liquid cryptocurrency assets, with funds converted to Bitcoin at an average price of $95,836.23 to match the claim value. Payments cover various categories of creditors, including retail deposit claims, general income claims, and unsecured loan claims. Former Celsius Network CEO Alex Mashinsky will begin facing a jury trial on January 28, 2025, following a pre-trial hearing scheduled for January 16, 2025.
