The latest distribution is aimed at eligible creditors affected by Celsius’ collapse and subsequent Chapter 11 bankruptcy filing, which temporarily halted withdrawals before the reorganization efforts. Celsius Implements Changes To Second Distribution According to court documents, the funds for this distribution were converted from cash received from Litigation Administrators into Bitcoin (BTC) for eligible creditors with approved claims.
If a creditor was scheduled to receive a distribution via US-based crypto exchange Coinbase but did not receive it by the designated date, the firm will continue to hold the liquid crypto for that creditor and convert it to cash when appropriate. Bankruptcy Challenges Notably, the documents reveal that some creditors received initial distributions based on varying recovery rates—57.87% for some and 57.65% for others.
Bitcoin Price Could Tumble 20% Due To M2 Supply Concerns In addition to this distribution, Celsius asserts it will navigate the complexities of its bankruptcy proceedings, which include ongoing litigation that may affect certain creditors’ eligibility for distributions. At the time of writing, the company’s native token, CEL, is trading at $0.23, recording a slight increase of 1% in the 24-hour time frame.
The story "Second Distribution By Celsius Network: Creditors To Receive Bitcoin Valued at $95,000 Each" has 438 words across 70 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Second Distribution By Celsius Network: Creditors To Receive Bitcoin Valued at $95,000 Each" was covered 14 hours ago by NewsBTC, a news publisher based in United Kingdom.
How trustworthy is 'NewsBTC' news outlet?
NewsBTC is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United Kingdom and publishes an average of 11 news stories per day.
It's most recent story was published 9 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
