Celsius, a cryptocurrency lender that filed for bankruptcy in 2022, said in court documents filed Friday that it has distributed most of the cryptocurrency it owes to creditors. Celsius has previously said it began the process in late January and plans to distribute $3 billion worth of cryptocurrency.
“Almost 75% BTC
+0.33%
/ ETH
-1.05%
It will be distributed through PayPal/Venmo and has already been collected through Coinbase,” said the company’s law firm, Kirkland & Ellis. An update was received from the court on Thursday.
According to the document, Celsius distributed $2 billion worth of cryptocurrency, transferring 20,255.66 BTC and 301,338.77 ETH to 171,672 creditors.
cash and stocks
The estate will send wire transfers to foreign creditors who are eligible for cash distributions but are based in jurisdictions where bank checks are not used.
“We have received numerous communications from creditors concerned that post-effective date debtors are unable to deposit checks from U.S. banks in their jurisdiction, and post-effective date debtors believe that the wire transfer option will help resolve most issues. .these concerns,” the document states.
The filing also states that creditors entitled to shares in a new mining company formed using Chelsea’s remaining assets will receive an email from Odyssey Transfer and Trust Company, the transfer agent.
Former Celsius users who withdrew from the platform during the 90 days leading up to the bankruptcy were reminded that they must return a portion of the funds they withdrew before their claims were distributed.
Celsius filed for bankruptcy in 2022 after discovering a $1.2 billion hole in its balance sheet. The company escaped bankruptcy last November.
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