Celsius begins second distribution of $127 million to eligible creditors

Odaily Daily News: According to court documents, Celsius Network is distributing $127 million to eligible creditors in its second payment under bankruptcy proceedings after its bankruptcy in July 2022. The latest allocation will increase the total recovery rate to 60.4% of the eligible claim amount, based on the first payment in January 2024, when approximately 57.65% of eligible claims were paid in the form of liquid encrypted assets or cash. The second issuance is mainly composed of liquid encrypted assets, with funds converted into Bitcoin at an average price of $95836.23 to match the claim value. Payment covers various categories of creditors, including retail deposit claims, general income claims, and unsecured loan claims. Former Celsius Network CEO Alex Mashinsky will begin his jury trial on January 28, 2025, following a pre-trial conference scheduled for January 16, 2025.