Home News Navigating the Cryptocurrency Recovery: A Deep Dive into Celsius’ Distribution Process

Navigating the Cryptocurrency Recovery: A Deep Dive into Celsius’ Distribution Process

by dave
1 minutes read

In a groundbreaking update, Celsius, the cryptocurrency lending firm that declared bankruptcy in 2022, has made significant strides in repaying its creditors. The company embarked on this journey at the start of the year, with a goal to allocate $3 billion worth of cryptocurrency, as previously announced.

According to a recent court document, Celsius has successfully transferred $2 billion in cryptocurrency, encompassing 20,255.66 BTC and 301,338.77 ETH, to 171,672 creditors. This monumental task was achieved through a combination of PayPal/Venmo and Coinbase distributions, marking a major milestone in the cryptocurrency industry’s history.

For international creditors facing challenges with US bank checks, Celsius has introduced wire transfers as a solution, addressing concerns and facilitating smoother transactions. Additionally, those eligible for shares in the new mining company, born from Celsius’ remaining assets, will be contacted via email for further instructions.

In an effort to ensure fairness and legality, former Celsius users who withdrew funds in the 90 days before the bankruptcy filing are reminded to return a portion of those funds to qualify for their claims. This step is crucial for maintaining the integrity of the distribution process.

This update not only reflects Celsius’ commitment to rectifying its financial challenges but also highlights the evolving landscape of cryptocurrency and its potential for recovery and growth.

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