Celsius Reportedly Delivered 2 Billion Dollars of Cryptocurrency to Creditors

Crypto News– Celsius, the cryptocurrency lending platform that filed for bankruptcy in 2022, has reported in a court document filed on Friday that it has successfully distributed the majority of the cryptocurrency owed to its creditors. Celsius initiated this process at the conclusion of January and has remained on course to distribute a total of $3 billion worth of cryptocurrency, as previously announced.

Celsius Reportedly Delivered 2 Billion Dollars of Cryptocurrency to Creditors

In an update submitted to the court on Thursday by the company’s law firm, Kirkland & Ellis, it was revealed that nearly 75% of the cryptocurrency earmarked for distribution via PayPal/Venmo and Coinbase has already been collected.

According to the document, Celsius has effectively dispensed $2 billion worth of cryptocurrency, with a transfer of 20,255.66 BTC and 301,338.77 ETH to a total of 171,672 creditors.

Funds and equities

The estate plans to facilitate wire transfers to overseas creditors eligible for cash distributions, particularly those situated in jurisdictions where bank checks are not commonly utilized.

According to the document, the Post-Effective Date Debtors have received numerous communications from concerned creditors regarding their inability to deposit checks from US banks in their respective jurisdictions. In response, the estate believes that offering the option for wire transfers will alleviate the majority of these concerns.

Additionally, the filing outlines that creditors entitled to receive shares of the new mining company, established using the remaining assets of Celsius, will receive communication from the transfer agent, Odyssey Transfer and Trust Company.

Furthermore, former Celsius users who conducted withdrawals from the platform within the 90 days leading up to the bankruptcy were reminded of their obligation to return a portion of the funds withdrawn before their claims can be duly processed and distributed.