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Celsius Network, the bankrupt crypto lender, has initiated its second round of distributions to creditors, disbursing $127 million from its Litigation Recovery Account. This payout brings the recovery rate for eligible creditors to 60.4%. The distribution will be made in either Bitcoin (BTC) or U.S. dollars (USD), depending on the eligibility of the creditors. The value of Bitcoin for this distribution is set at $95,836 per BTC. This follows a previous distribution in January where creditors recovered 57.65% of their claims. The payout comes ahead of the trial of Celsius's former CEO, Alex Mashinsky, in January, and despite the company leaving behind a $1.2 billion hole.
🚨 Celsius is set to distribute $127M to eligible creditors in its second bankruptcy payout, covering 60.4% of claims. In January, creditors recovered 57.65% of claims in a $2B distribution. This means that $127M may re-enter the crypto market. 👀
Celsius initiates second payout of $127 million, enhancing creditor returns to 60.4% https://t.co/bF2NnrCPAK
CELSIUS PAYS $127M, BUT BTC HOLDERS WANT MORE Celsius is dropping $127 million in cash or Bitcoin to creditors, bringing their recovery to 60.4%. The payout comes at $95,836 per BTC, but let’s not forget the $1.2 billion hole they left behind. Oh, and their CEO Mashinsky?… https://t.co/nbITdpCo5F
