Celsius Distributes Over $2.5 Billion To Creditors Amid Bankruptcy Proceedings
Defunct crypto lender Celsius has distributed over $2.53 billion of the crypto and cash that is owed to its 372,000 eligible creditors. In an Aug. 26 status report , Celsius’s bankruptcy plan administrator revealed that 68% of the firm’s creditors have been paid. The remaining distributions are mainly smaller payouts. So far, the bankrupt crypto lender has paid around 93% of the $2.73 billion that it owes. 121,000 Creditors Still Need To Receive Their Distributions Of the amount that has been paid out so far, $1.43 billion was distributed using either PayPal/Venmo. Another $917 million was paid out to creditors via Coinbase, while $178 million in cash transfers have been sent as well. Approximately 121,000 creditors have not yet claimed a distribution due to the complexity of the process. Some of the difficulties include “opening an account at PayPal with a matching date of birth, opening an account at Coinbase with a matching e-mail address and date of bir...