Key Takeaways:
- Celsius has repaid approximately $2.53 billion to 251,000 creditors, covering 84% of its $3 billion debt.
- Over 121,000 creditors, many with small claims, have yet to claim their funds, with efforts to distribute continuing biweekly.
- Former CEO Alex Mashinsky faces charges related to the company’s July 2022 bankruptcy.
Celsius, a bankrupt crypto lender, has successfully repaid two-thirds of its eligible customers, distributing approximately $2.53 billion to 251,000 creditors.
This marks 84% of the $3 billion owed to over 375,000 creditors. However, over 121,000 creditors have yet to claim their funds, with many deterred by small claims—64,000 are owed less than $100, and 41,000 between $100 and $1,000.
#Celsius has begun distributing over $2.5 billion as part of its bankruptcy plan.
— Satoshi Talks (@Satoshi_Talks) August 27, 2024
The funds are being allocated to creditors following a court-approved plan to return assets. This payout is a significant step in Celsius's ongoing bankruptcy proceedings, aiming to resolve claims… pic.twitter.com/fc4TNJhW5v
The bankruptcy administrator continues efforts to distribute remaining funds, retrying distribution every two weeks via Coinbase and offering PayPal claim codes.
UPDATE: CELSIUS HAS NOW DISTRIBUTED MORE THAN $2.53B IN CRYPTO AND CASH TO CREDITORS PER FILING
— BSCN Headlines (@BSCNheadlines) August 27, 2024
Celsius filed for bankruptcy in July 2022, and its former CEO, Alex Mashinsky, faces charges for financial crimes related to the company’s collapse.