Celsius Distributes $2.5B to Creditors, But 121,000 Still Unclaimed

Last Updated on August 27, 2024

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Celsius crypto company logo seen on smartphone placed on the dollar banknotes. Source: Ascannio - stock.adobe.com

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.

The bankruptcy administrator continues efforts to distribute remaining funds, retrying distribution every two weeks via Coinbase and offering PayPal claim codes.

Celsius filed for bankruptcy in July 2022, and its former CEO, Alex Mashinsky, faces charges for financial crimes related to the company’s collapse.

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