Celsius

Bitcoin

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    <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>This payment represents about 84% of the $3 billion owed to over 375,000 creditors.</strong></h4> 
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     It marks a substantial step in the company’s efforts to resolve its financial obligations. Let’s discover more about this important news for Celsius.
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<h5><strong>Celsius Repays $2.5B, 84% of Debts Cleared</strong></h5> 
<p>The recent court filing revealed that Celsius has <a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174908262480000000186.pdf" target="_blank" rel="noopener">repaid</a> two-thirds of its eligible customers. Despite this progress, more than 121,000 creditors have yet to claim their funds. The reason for this inaction varies: around 64,000 creditors are owed less than $100. Another 41,000 are due between $100 and $1,000. The remaining funds have been distributed to creditors in larger amounts.</p> 
<p>This development is seen as a positive signal for the crypto industry. It has faced significant challenges with bankruptcies and financial recoveries. The timing coincides with the ongoing <a href="https://insights.glassnode.com/the-week-onchain-week-31-2024/" target="_blank" rel="noopener">bankruptcy proceedings of Mt. Gox</a>, a major cryptocurrency exchange that owes over $9.4 billion to 127,000 creditors. After a decade of uncertainty, Mt. Gox creditors are beginning to see their assets recover.</p> 
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<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/CelsiusFacts/status/1828116970983600250" target="_blank" rel="noopener">X</a></strong></h6> 
<h5><strong>More About Celsius</strong></h5> 
<p>For those creditors who have yet to claim their funds, the bankruptcy administrator is making repeated efforts to facilitate access to their assets. The administrator is utilizing Coinbase for distribution every two weeks and ensuring that PayPal claim codes remain redeemable for credits at all times. So far, the administrator has attempted more than 2.7 million distributions for the approximately 372,000 currently eligible creditors.</p> 
<p>The distribution process has not been without its challenges. Many creditors with smaller amounts owed may not actively pursue their claims due to the relatively minor value of their assets. However, the ongoing efforts by Celsius and the bankruptcy administrator aim to ensure that all eligible creditors eventually receive their due compensation.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/celsius-distributes-2-5b-to-251000-creditors/">Celsius Distributes $2.5B to 251,000 Creditors</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Celsius Distributes $2.5B to 251,000 Creditors

Altcoin Buzz

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