Celsius exits bankruptcy protection and begins distributing over $3 billion in cryptocurrency and fiat to creditors

ChainCatcher news, according to the official announcement, Celsius has announced that it has exited bankruptcy protection. Under the approved restructuring plan, Celsius will distribute over $3 billion in cryptocurrency and fiat to Celsius creditors and establish a new Bitcoin mining company, Ionic Digital, Inc., which will be owned by Celsius creditors, with its mining operations managed by Hut 8 Corp. Creditors will receive cryptocurrency, fiat, and common stock from the company. Once the company obtains the necessary approvals, the common stock is expected to be listed for trading.

In addition, Celsius plans to begin gradually shutting down its mobile and web applications.