{"id":36743,"date":"2024-08-27T12:56:53","date_gmt":"2024-08-27T12:56:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/celsius-distributes-2-53-billion-to-creditors-closes-bankruptcy-case\/"},"modified":"2024-08-27T12:56:53","modified_gmt":"2024-08-27T12:56:53","slug":"celsius-distributes-2-53-billion-to-creditors-closes-bankruptcy-case","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/celsius-distributes-2-53-billion-to-creditors-closes-bankruptcy-case\/","title":{"rendered":"Celsius Distributes $2.53 Billion to Creditors, Closes Bankruptcy Case"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

Celsius\u2019 bankruptcy administrator has successfully distributed over $2.53 billion to approximately 251,000 creditors, according to its first status report. The payments, made in liquid cryptocurrency and cash, were calculated using January 16 prices. These disbursements cover around 93% of the eligible value and represent roughly two-thirds of all eligible creditors. However, about 121,000 creditors, each with an average claim of $1,500, have yet to receive their payouts.<\/p>\n

Challenges in Completing Distributions<\/strong><\/h2>\n

The remaining 121,000 creditors face challenges in claiming their distributions. The court filing highlights that 64,000 creditors have claims of less than $100, and an additional 41,000 have claims between $100 and $1,000. Due to the relatively small amounts involved, many of these creditors may lack the incentive to complete the necessary steps to claim their distributions.<\/p>\n

The bankruptcy case<\/a> was officially closed after the United States Southern District of New York Bankruptcy Court approved a reorganization plan in November. The plan, which involved distributing more than $3 billion to Celsius creditors, was finalized in January. Over the past seven months, the administrator has been implementing what it describes as one of the most \u201ccomplicated and ambitious distribution processes ever attempted in a chapter 11 case.\u201d<\/p>\n

The reorganization plan aims to distribute liquid cryptocurrency, cash, and common stock in MiningCo, the new company formed from Celsius, to roughly 375,000 creditors across more than 165 countries. The process has been complicated by regulatory challenges, as Celsius was not fully compliant with regulatory standards before filing for bankruptcy. Additionally, the company faced enforcement actions from various regulators, further complicating the distribution process.<\/p>\n

Earlier this month, Celsius requested the bankruptcy court to compel Tether to relinquish bitcoin worth approximately $3.3 billion. Tether has labeled these allegations as a \u201cshakedown\u201d and intends to contest them in court.<\/p>\n

\n
\n
\n
\n
\n
177% up to 5BTC + 77 Free Spins<\/strong>!<\/strong> <\/p>\n

New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) Celsius\u2019 bankruptcy administrator has successfully distributed over $2.53 billion to approximately 251,000 creditors, according to its first status report. The payments, made in liquid cryptocurrency and cash, were calculated using January 16 prices. These disbursements cover around 93% of the eligible value and represent roughly two-thirds […]<\/p>\n","protected":false},"author":34,"featured_media":36744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36743"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=36743"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/36744"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=36743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=36743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=36743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}