This payment represents about 84% of the $3 billion owed to over 375,000 creditors.
Celsius Repays $2.5B, 84% of Debts Cleared
The recent court filing revealed that Celsius has repaid two-thirds of its eligible customers. Despite this progress, more than 121,000 creditors have yet to claim their funds. The reason for this inaction varies: around 64,000 creditors are owed less than $100. Another 41,000 are due between $100 and $1,000. The remaining funds have been distributed to creditors in larger amounts.
This development is seen as a positive signal for the crypto industry. It has faced significant challenges with bankruptcies and financial recoveries. The timing coincides with the ongoing bankruptcy proceedings of Mt. Gox, a major cryptocurrency exchange that owes over $9.4 billion to 127,000 creditors. After a decade of uncertainty, Mt. Gox creditors are beginning to see their assets recover.
Source: X
More About Celsius
For those creditors who have yet to claim their funds, the bankruptcy administrator is making repeated efforts to facilitate access to their assets. The administrator is utilizing Coinbase for distribution every two weeks and ensuring that PayPal claim codes remain redeemable for credits at all times. So far, the administrator has attempted more than 2.7 million distributions for the approximately 372,000 currently eligible creditors.
The distribution process has not been without its challenges. Many creditors with smaller amounts owed may not actively pursue their claims due to the relatively minor value of their assets. However, the ongoing efforts by Celsius and the bankruptcy administrator aim to ensure that all eligible creditors eventually receive their due compensation.
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