TechFlow news, on November 28, according to court documents, following its bankruptcy in July 2022, Celsius Network is distributing $127 million to eligible creditors in the second round of payments within its bankruptcy proceedings.
This latest distribution increases the total recovery rate to 60.4% of eligible claim amounts. Previously, Celsius completed its first payment in January 2024, when approximately 57.65% of eligible claims were settled in liquid crypto assets or cash. The second-round payment is primarily made in liquid crypto assets, with funds converted at an average price of $95,836.23 per bitcoin to match claim values.
This payment covers multiple creditor categories, including retail deposit claims, general income claims, and unsecured loan claims.
In addition, former Celsius Network CEO Alex Mashinsky will have a pre-trial conference on January 16, 2025, with jury trial proceedings commencing on January 28, 2025.
