Celsius

Ponzi

Billion

The insolvency administrator for crypto lender Celsius has distributed more than $2.53 billion in liquid cryptocurrencies and cash, according to its first status report on payments. 
<h2 id="celsius-bankruptcy-plan-administrator-distributes-over-2-5-billion-to-creditors">Celsius Bankruptcy Plan Administrator Distributes Over $2.5 Billion to Creditors</h2> 
The court filing said the distributions, at January 16 prices, were sent to approximately 251,000 creditors, covering approximately two-thirds of all eligible creditors in number and 93% in value. 
Despite the significant progress, approximately 121,000 eligible payees have yet to claim their distributions, which average around $1,500. 
Of those, 64,000 creditors were paid less than $100, while 41,000 were owed between $100 and $1,000. The filing suggests that the relatively small amounts may not motivate these creditors to take the necessary steps to claim their funds. 
Related News: <a href="https://en.bitcoinsistemi.com/us-securities-and-exchange-commission-sec-files-lawsuit-against-crypto-platform-over-ponzi-scams-here-are-the-details/" target="_blank" rel="dofollow">US Securities and Exchange Commission (SEC) Files Lawsuit Against Crypto Platform Over Ponzi Scams! Here Are the Details</a> 
The bankruptcy case officially closed after the U.S. Bankruptcy Court for the Southern District of New York approved a reorganization plan in November. The plan, finalized in January, called for the distribution of more than $3 billion to Celsius creditors. 
The filing describes the ongoing process as “the most complex and ambitious distribution process ever attempted in a Chapter 11 case.” The plan involves distributing liquid crypto, cash, and shares in a new company called MiningCo, created from Celsius, to approximately 375,000 creditors in 165 countries. 
The complexity of the process is compounded by Celsius’s pre-bankruptcy non-compliance with regulations and the numerous enforcement actions taken against the company by regulators. 
Earlier this month, Celsius demanded that the court order Tether to hand over approximately $3.3 billion worth of Bitcoin, a demand that Tether has described as “blackmail” and which Celsius plans to appeal. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/bankrupt-celsius-publishes-first-payment-report-to-creditors-how-much-has-been-paid/">Bankrupt Celsius Publishes First Payment Report to Creditors! How Much Has Been Paid?</a>

Bankrupt Celsius Publishes First Payment Report to Creditors! How Much Has Been Paid?

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