According to Deep Tide TechFlow news on November 28, following its bankruptcy in July 2022, Celsius Network is distributing $127 million to eligible creditors in the second round of payments under its bankruptcy proceedings.
The latest round of distributions has increased the total recovery rate to 60.4% of the allowed claims amount. Previously, Celsius completed its first payment in January 2024, when approximately 57.65% of allowed claims were paid in liquid crypto assets or cash. The second round of payments was primarily made in liquid crypto assets, with funds converted at an average price of $95,836.23 per bitcoin to match the claim value.
This payment covers multiple categories of creditors, including retail deposit claims, general income claims, and unsecured loan claims.
In addition, former Celsius Network CEO Alex Mashinsky will have a pre-trial hearing on January 16, 2025, and will begin accepting a jury trial on January 28, 2025.
