Celsius Network, a company that had a financial collapse in July 2022, has distributed $127 million to some of the people it owed money to. This happened because they are going through a legal process called bankruptcy. This was the second time they have paid some of the people they owed money to, and it makes the total amount of money they have paid back so far 60.4% of what they owe.
The first time they paid people back was in January 2024, and they paid back even less, only 57.65%. This time, they paid back mostly with digital money, which they converted into Bitcoin, a type of digital money, to match the value of the claims. The money was given to different types of people they owed money to, such as people who had put money in their savings account, people they owed money to for general reasons, and people they owed money to for loans.
The person who used to be in charge of Celsius Network, Alex Mashinsky, will have to go to court in front of a jury starting on January 28, 2025, after a meeting before the trial on January 16, 2025.
Source
<p>The post Celsius Network Distributes Second Payment to Creditors Under Bankruptcy Proceedings first appeared on CoinBuzzFeed.</p>
