Sun. Jun 16th, 2024

Celsius initiates repayment of more than $3 billion to creditors.

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Celsius Network has declared its emergence from bankruptcy after an eighteen-month process, finalizing its reorganization plan.

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Celsius has successfully emerged from Chapter 11 bankruptcy in the United States and is preparing to distribute $3 billion worth of cryptocurrency and fiat to creditors. 

According to a press release dated Jan 31st, 2024. Celsius announced the establishment of Ionic Digital, a Bitcoin mining venture operated by Hut 8 and led by Matt Prusak.

Read Also: Celsius Network Moves 59,600 ETH To Centralised Exchanges As It Prepares for Restructuring

Celsius said Ionic Digital will “continue to deliver recoveries to creditors,” and its stock is “expected to be publicly traded once the requisite approvals are received.”

Around 98% of Celsius creditors agreed to the bankruptcy exit plan, which comes over 18 months after it paused withdrawals in June 2022 and filed for bankruptcy a month later.

Celsius stated that it augmented the cryptocurrency available for distribution to creditors by approximately $250 million by “converting altcoins to BTC or ETH and through previous settlements.”

According to a court filing, Celsius disclosed its intention to cease operations and shut down its mobile and web applications by February 28th. Creditor distributions will be facilitated through PayPal, Venmo, and Coinbase, a method that some creditors have shared on X alongside a claims form.

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