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Celsius distributed $2 billion of crypto to creditors, court document shows
Celsius, the crypto lender that filed for bankruptcy in 2022, said in a court document filed Friday that it has distributed most of the crypto owed to its creditors. Celsius started the process at the end of January, and is on track to distribute $3 billion worth of crypto, it previously said.
"Nearly 75% of the BTC +0. 29% / ETH -1. 78% set to be distributed by PayPal/Venmo and through Coinbase has already been collected," the companys law firm, Kirkland & Ellis, said in a an update filed with the court on Thursday.
According to the document, Celsius has distributed $2 billion worth of cryptocurrency, transferring 20,255. 66 BTC and 301,338. 77 ETH to 171,672 creditors.
The estate will send wire transfers to its overseas creditors eligible for cash distributions but are based in jurisdictions where bank checks are not in use.
"The Post-Effective Date Debtors have received numerous communications from creditors who are concerned about their inability to deposit a check from a US bank in their jurisdiction, and the Post-Effective Date Debtors believe the option for wire transfers will help resolve a majority of these concerns," the document stated.
The filing also said that creditors eligible for receiving shares of the new mining company created using the remaining assets of Celsius would receive emails from the transfer agent, Odyssey Transfer and Trust Company.
Former Celsius users who made withdrawals from the platform in the 90 days leading to the bankruptcy were reminded that they had to return part of the funds they took out before their claims can be distributed.
Celsius filed for bankruptcy in 2022, following the discovery of a $1. 2 billion hole in its balance sheet. The company made its way out of the bankruptcy in November.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
