{"id":16433,"date":"2024-08-27T14:46:58","date_gmt":"2024-08-27T11:46:58","guid":{"rendered":"https:\/\/forklog.com\/en\/celsius-bankruptcy-trustee-distributes-2-5-billion-to-creditors\/"},"modified":"2024-08-27T14:46:58","modified_gmt":"2024-08-27T11:46:58","slug":"celsius-bankruptcy-trustee-distributes-2-5-billion-to-creditors","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/celsius-bankruptcy-trustee-distributes-2-5-billion-to-creditors\/","title":{"rendered":"Celsius Bankruptcy Trustee Distributes $2.5 Billion to Creditors"},"content":{"rendered":"<p>The bankruptcy administrator of the lending platform Celsius has distributed two-thirds of the funds allocated to clients, according to <a href=\"https:\/\/www.coindesk.com\/business\/2024\/08\/27\/celsius-bankruptcy-plan-administrator-pays-out-over-25b\/\">CoinDesk<\/a>.<\/p>\n<p>Payouts amounting to $2.53 billion (93% of the expected amount) have been made in digital assets and fiat currency, based on the exchange rate as of January 16.<\/p>\n<p>A total of 251,000 creditors have received payments, while another 121,000 are awaiting compensation. The average reimbursement is approximately $1,500.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite><em>\u201cApproximately 64,000 from the latter group received less than $100, and another 41,000 creditors received between $100 and $1,000. Given the small amounts involved, many of them may lack the incentive to take the necessary steps to successfully claim the distribution,\u201d<\/em> the statement reads.<\/cite><\/p><\/blockquote>\n<p>The payouts began 18 months after the suspension of withdrawals, exchanges, and transfers between accounts due to \u201cextreme market conditions.\u201d<\/p>\n<p>In November, Celsius presented a revised reorganization plan, which involves transforming into a cryptocurrency mining business.<\/p>\n<p>The new plan marks a shift from an earlier proposal that also included the establishment of a staking program.<\/p>\n<p>In January, Celsius <a href=\"https:\/\/forklog.com\/en\/news\/developments-in-genesis-and-celsius-cases-coinbases-eu-plans-and-other-crypto-industry-events\">demanded<\/a> that large creditors (those with $100,000 or more) return 27.5% of the amounts withdrawn in the three months prior to the bankruptcy filing.<\/p>\n<p>In the same month, the bankruptcy court <a href=\"https:\/\/forklog.com\/en\/news\/celsius-network-to-distribute-3-billion-in-restructuring-plan\">approved<\/a> a plan to distribute over $3 billion among creditors. <\/p>\n<p>Back in August, Celsius filed a lawsuit against Tether, seeking the return of $2.4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bankruptcy administrator of the lending platform Celsius has distributed two-thirds of the funds allocated to clients, according to CoinDesk. Payouts amounting to $2.53 billion (93% of the expected amount) have been made in digital assets and fiat currency, based on the exchange rate as of January 16. A total of 251,000 creditors have received [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,1348],"class_list":["post-16433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-celsius-network"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16433"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16432"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}