Celsius Network (CEL), which managed to get out of the bankruptcy process, managed to distribute $ 2 billion worth of crypto money to its creditors.
Celsius, which suffered major damage as part of the chain bankruptcy frenzy last year, started repayments, according to court records.
In the court filing filed by the company’s law firm, Kirkland & Ellis, on Thursday, February 15, To 171,672 creditors in total 2 billion dollars reaching value 20,255 Bitcoins (BTC) And 301,338 Ethereum (ETH) sent. these beings PayPal And coinbase Distributed via:
As of this date, a significant number of creditors have successfully collected their Liquid Cryptocurrencies from PayPal/Venmo and Coinbase: Approximately 75% of the BTC/ETH designated for distribution through PayPal/Venmo and Coinbase has already been distributed.
In the file submitted to the court, Creditors who do not accept the restructuring plan It was stated that they would not receive any distribution until their individual demands were resolved. On the other hand, any of Coinbase or PayPal Anti-Money Laundering (AML) or in receiving distributions from certain account holders if it detects a compliance issue. they may have problems specified.
Celsius Network faced a liquidity crisis following the events in the cryptocurrency market last year and stopped withdrawals. It filed for bankruptcy in July 2022.