{"id":136336,"date":"2024-08-28T11:30:32","date_gmt":"2024-08-28T08:30:32","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=136336"},"modified":"2024-08-28T01:56:18","modified_gmt":"2024-08-27T22:56:18","slug":"celsius-network-returns-2-53-billion-to-creditors-amid-recovery-efforts","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/celsius-network-returns-2-53-billion-to-creditors-amid-recovery-efforts\/","title":{"rendered":"Celsius Network Returns $2.53 Billion to Creditors Amid Recovery Efforts"},"content":{"rendered":"<p>After filing for bankruptcy in July 2022 due to a 99% crash in its token and an inability to process withdrawals, the company received court approval for a bankruptcy plan last year.<\/p>\n<p>Now operating under the name \u201cNewCo,\u201d Celsius was given a $1.25 billion balance sheet, with $450 million of that in liquid crypto assets. Earlier this year, the company avoided Chapter 11 bankruptcy by implementing a plan to distribute $3 billion in crypto and fiat currency to its creditors.<\/p>\n<p>As part of its restructuring, Celsius also planned to establish a <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">Bitcoin<\/a> <\/strong>mining company, Ionic Digital, Inc., under creditor control. According to recent court documents, Celsius has now <strong><a href=\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174908262480000000186.pdf\" target=\"_blank\" rel=\"nofollow\">repaid<\/a> <\/strong>$2.53 billion to its creditors.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/secs-new-database-draws-criticism-from-blockchain-advocates\/\" title=\"SEC\u2019s New Database Draws Criticism from Blockchain Advocates\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/sec-investigation-crypto-company-240x170.jpeg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">SEC\u2019s New Database Draws Criticism from Blockchain Advocates<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>The Plan Administrator noted that the initial distribution to over 251,000 eligible creditors has been successful, with most receiving their share in liquid cryptocurrency and cash, which has increased in value since the distribution was priced in January 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The defunct crypto lending platform Celsius Network has begun repaying billions to its creditors.<\/p>\n","protected":false},"author":3,"featured_media":33148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[],"class_list":["post-136336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Celsius Network Returns $2.53 Billion to Creditors Amid Recovery Efforts<\/title>\n<meta name=\"description\" content=\"After filing for bankruptcy in July 2022 due to a 99% crash in its token and an inability to process withdrawals, the company received....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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