After 18 months of bankruptcy, crypto platform Celsius Network announced that it has begun transferring approximately $3 billion worth of Bitcoin, altcoins and fiat to all of the company’s creditors. A staggering 98% of the company’s account holders approved these plans, as stated by the Bankruptcy court.
Celsius bankruptcy team did a critical job
This milestone marks the completion of an eighteen-month process in which the company gained consensus from a variety of stakeholders, resolved complex legal issues, fully cooperated with regulatory investigations, and executed transactions under the Plan. The plan involves distributing over $3 billion in cryptocurrencies and fiat to Celsius’ creditors. Additionally, it will be owned by Celsius’ creditors and its mining operations will be held by Hut 8 Corp. Ionic Digital, Inc. will be managed by. It involves the establishment of a new Bitcoin mining company called.
Additionally, the company raised approximately $250 million in cryptocurrency that can be distributed to creditors through altcoin conversions to BTC or ETH and previous settlements. The Bankruptcy Court approved the MiningCo Transaction on December 27, 2023. Speaking on the development, Celsius’ Plan Manager and former Chief Restructuring Officer Chris Ferraro said:
Creating the best outcome for creditors by maximizing value and speed has been at the forefront for Celsius throughout this process. Today, 18 months after Celsius suspended withdrawals, we began distributing over $3 billion in cryptocurrency, fiat and Ionic Digital shares to Celsius creditors.
Important altcoin Ethereum assets are in the process of transfer
Latest data from Spot on Chain reveals significant movements in Celsius’ Ethereum (ETH) holdings over the past two days. Additionally, Celsius Networks deposited a total of 67,500 ETH into Coinbase Prime, equivalent to $156.5 million. This transaction is part of a larger trend as the company has shifted a significant portion of its Ethereum holdings to centralized exchanges (CEX) since November 13, 2023. Thus, the total amount now reaches 847,626 ETH, worth approximately $1.90 billion.
Celsius and its consultants collaborated with the UCC and various federal and state regulatory agencies during the restructuring to ensure timely, secure and fully compliant deployments. The company will now proceed with an organized wind down of its operations, which will include discontinuing the Celsius mobile and web applications. The crypto money field will closely follow what will happen in the coming period. It remains to be seen with curiosity whether these payments will create sales pressure in the market.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.