Celsius begins second distribution of $127 million to eligible creditors

Following its collapse in July 2022, Celsius Network is distributing $127 million to eligible creditors in a second payment under bankruptcy proceedings, according to court documents. The latest distribution raises the total collection rate to 60.4 percent of eligible claim amounts, on top of the initial payment in January 2024, when approximately 57.65 percent of eligible claims were paid in liquid crypto assets or cash.
The second issuance consisted primarily of liquid crypto assets, with funds converted to Bitcoin at an average price of $95,836.23 to match the value of the claim. The payments covered a variety of creditor classes, 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 on January 16, 2025.