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- 1
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- 1
- Unrated
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- Last Updated
- 85 days ago
- Bias Distribution
- 100% Right
Celsius Repays $2.53 Billion to Creditors
Celsius, the bankrupt crypto lender, has repaid approximately $2.53 billion to 251,000 creditors, accounting for about two-thirds of eligible creditors by number and 93% by value. Despite this significant repayment, 121,000 eligible creditors have yet to claim their distributions, which average around $1,500 each. Many of these unclaimed amounts are small, with around 64,000 creditors owed less than $100 and another 41,000 owed between $100 and $1,000. The complexity of the distribution process, described as one of the most intricate in Chapter 11 history, is heightened by Celsius's pre-bankruptcy regulatory non-compliance and ongoing enforcement actions. Unclaimed amounts will eventually be redistributed to other creditors as per the reorganization plan, which includes the creation of Ionic Digital, a new Bitcoin mining venture. The bankruptcy administrator continues to attempt distributions via Coinbase and PayPal, while cash distributions are attempted weekly.
- Total News Sources
- 1
- Left
- 0
- Center
- 0
- Right
- 1
- Unrated
- 0
- Last Updated
- 85 days ago
- Bias Distribution
- 100% Right
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