Celsius Distributes Most of Crypto Owed to Creditors
Celsius, the crypto lender that filed for bankruptcy in 2022, has announced that it has distributed a majority of the crypto owed to its creditors. The distribution process began in January and is expected to reach $3 billion worth of crypto. According to court documents, nearly 75% of the BTC and ETH set to be distributed through PayPal/Venmo and Coinbase has already been collected.
Cash and Stock Distribution
The estate will provide wire transfers to overseas creditors who are eligible for cash distributions but reside in jurisdictions where bank checks are not commonly used. This option aims to resolve concerns raised by creditors who are unable to deposit US bank checks in their respective jurisdictions. Additionally, creditors eligible for shares in the new mining company formed with Celsius’ remaining assets will receive emails from the transfer agent, Odyssey Transfer and Trust Company.
Withdrawals and Bankruptcy Resolution
Former Celsius users who made withdrawals within 90 days leading up to the bankruptcy must return a portion of the funds they took out before their claims can be distributed. Celsius filed for bankruptcy after discovering a $1.2 billion deficit in its balance sheet, but successfully emerged from bankruptcy proceedings in November.
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