Celsius Creditors Recover 60% After $127M Bitcoin, USD Second Payout

Bitcoin Market Celsius (CEL)

Nov, 28, 2024

< 1 min read

by Nynu V Jamal

for CoinEdition

Celsius Network’s Second Payout Distributes $127M for Eligible Creditors

Celsius Network distributes $127 million to eligible creditors as part of its bankruptcy proceedings.
This distribution raises the total recovery rate to 60.4% of the eligible claims.
The platform commenced distributing about $3 billion in crypto and fiat in January 2024.

Celsius Network has disbursed a second round of payments, totaling $127 million, to eligible creditors. This distribution, which follows the crypto lender’s collapse in July 2022, raises the overall creditor recovery rate to 60.4%. Celsius announced the payout details via an official post on X, specifying that creditors will receive payments in Bitcoin or USD based on their eligibility.

Celsius will soon begin a second distribution of $127 million made available from the Litigation Recovery Account to eligible creditors (Classes 2, 5, 7, 8, and 9). Distributions will be made in BTC or USD, based on eligibility. For more details, please refer to this notice:…
— Celsius (@CelsiusNetwork) November 27, 2024

Celsius Network’s Collapse and Repayment Plan

Recall that in July 2022, Celsius Network filed for Chapter 11 bankruptcy protection, reporting a $1.2 billion deficit. The filing came …

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