Celsius

United

Billion

<a href="https://thecoinrise.com/celsius-network-officially-exits-bankruptcy-set-to-return-3b-to-users/" rel="noopener noreferrer nofollow">Celsius Network </a>Limited says it paid over $2.5 billion worth of cryptocurrency and cash to about 251,000 creditors.<a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174908262480000000186.pdf" rel="noopener noreferrer nofollow"> In a court document filed</a> at the United States Bankruptcy Court Southern District of New York, the disbursement made by the company covers about two-thirds of the creditors.
<h2 id="b-celsius-efforts-to-settle-creditors-payments-b">Celsius’ Efforts to Settle Creditors’ Payments</h2>
The payment has cleared about 93% of the owed amount, which was settled using rates from Jan. 16, although approximately in cryptocurrency and cash to about 251,000 creditors.<a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174908262480000000186.pdf" rel="noopener noreferrer nofollow"> In a court document filed</a> at the United States Bankruptcy Court Southern District of New York, the company’s disbursement of 121,000 creditors was outstanding. Celsius explained that these were creditors who, although approximately in cryptocurrency and cash to about 251,000 creditors.<a href="https://cases.stretto.com/public/x191/11749/PLEADINGS/1174908262480000000186.pdf" rel="noopener noreferrer nofollow"> In a court document filed</a> at the United States Bankruptcy Court Southern District of New York, the company’s disbursement of 121,000 creditors was outstanding had not successfully filed claims for their payments.
According to the legal document, the creditors in this category have an average claim of about $1,500, with the bulk of them falling below $100. Some 41,000, however, have claims ranging between $100 and $1,000 from Celsius.
The company asserts that the likelihood of the creditors filing a claim appears slim, given the amount involved. However, it assured continued distribution to all creditors. Celsius claims to make payouts every two weeks via Coinbase and conducts cash payments every week. Celsius administrator maintains over 2.7 million attempts have been made to over 370,000 creditors, including attempts to creditors yet to receive disbursement successfully.
<h2 id="b-celsius-battles-tether-over-2-4-billion-bitcoin-collateral-b">Celsius Battles Tether Over $2.4 Billion Bitcoin Collateral</h2>
While making these payouts,<a href="https://thecoinrise.com/celsius-network-files-lawsuit-against-tether-to-recover-billions/" rel="noopener noreferrer nofollow"> Celsius has also filed a lawsuit against Tether</a> in what appears to be a move to recoup its funds. In a lawsuit at the U.S. Bankruptcy Court for the Southern District of New York, Celsius claimed Tether liquidated Celsius’ collateral during the bear market of 2022. Therefore, it has prayed the court to recoup Bitcoin valued at about $2.4 billion from Tether.
However, Tether has vowed to defend itself in court and will not succumb to what it described as a “shake down” litigation.<a href="https://thecoinrise.com/tether-ceo-paolo-ardoino-responds-to-celsius-lawsuit/" rel="noopener noreferrer nofollow"> In an X post, Paolo Ardoino, Tether’s CEO</a> maintained that his company did not breach the terms of the contractual agreement with Celsius and would fight the lawsuit to serve as a reference point in the broader crypto ecosystem.
<h2 id="b-market-reaction-b">Market Reaction</h2>
While these exchanges test out their rights in a court of law, the market has reacted negatively, as prices have dipped as of this writing. CoinMarketCap data reveals that in the past 24 hours, Celsius has <a href="https://coinmarketcap.com/currencies/celsius/" rel="noopener noreferrer nofollow">dropped</a> by 6.37% to $0.1572, while Tether <a href="https://coinmarketcap.com/currencies/tether/" rel="noopener noreferrer nofollow">traded</a> at $1.00, representing a 0.04% decrease in value.
The post <a href="https://thecoinrise.com/celsius-network-payouts-2-5-billion-to-creditors/" rel="noopener noreferrer nofollow">Celsius Network Payouts $2.5 Billion To Creditors</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Celsius Network Payouts $2.5 Billion To Creditors

Table of Contents

TheCoinrise Media

Other articles published on Aug 27, 2024

Ripple CLO Slams SEC After Another Major Loss

Nasdaq aims to list Bitcoin Index options in US

Ordinals Summit Partners with Inscribing Atlantis to Unveil Premier Bitcoin Event During Token204...

ETH vs. BTC: Report Predicts Ethereum Price to Flip Bitcoin in the Next 5 Years

RAIN Coin's Approach to Combating Crypto Volatility

What is Story Protocol?

Join our free newsletter for daily crypto updates!