Celsius begins second distribution of $127 million to qualified creditors

ChainCatcher news, according to court documents, Celsius Network is distributing $127 million to eligible creditors in its second payout under bankruptcy proceedings after its collapse in July 2022.

The latest distribution raises the total recovery rate to 60.4% of the eligible claims amount, based on the initial payout in January 2024, when approximately 57.65% of eligible claims were paid in liquid crypto assets or cash. The second distribution is primarily composed of liquid crypto assets, with funds converted to Bitcoin at an average price of $95,836.23 to match the claim values.

Payments cover various categories of creditors, including retail deposit claims, general income claims, and unsecured loan claims. Former Celsius Network CEO Alex Mashinsky will begin a jury trial on January 28, 2025, following a pre-trial hearing on January 16, 2025.