By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Creditors of Celsius recover $2.53 billion in distribution
Share
Notification Show More
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Creditors of Celsius recover $2.53 billion in distribution
Crypto

Creditors of Celsius recover $2.53 billion in distribution

News Room
Last updated: 2024/08/27 at 11:50 AM
News Room
Share
4 Min Read
SHARE

Celsius Network, a cryptocurrency lending platform, has successfully distributed over $2.53 billion to approximately 251,000 creditors, representing about two-thirds of eligible creditors and 93% in value. The funds were distributed in both crypto and cash, valued at January 16 prices. However, there are still around 121,000 eligible creditors who have not yet claimed their payouts, with some owed less than $100 each and others owed amounts ranging between $100 and $1,000. Additionally, about 12,000 creditors have yet to receive their share due to claims being held back or missing essential information in their accounts.

The distributions to creditors have progressed quickly since the payout initiation in January. Within the first two weeks, 65% of the funds were successfully distributed, amounting to $1.7 billion. A month later, nearly 80% of the funds, approximately $2 billion, had been distributed. Celsius Network recently finalized its reorganization plan, declaring its exit from Chapter 11 bankruptcy. The platform disbursed over $3 billion in cryptocurrency and fiat to creditors as part of the bankruptcy proceedings.

The latest disbursements from Celsius Network indicate that most distributions have been completed, bringing the bankruptcy proceedings closer to an end. The administrator responsible for distributing the funds has stated that the process has been swift and efficient, with a large portion of creditors already receiving their payouts. However, there are still thousands of creditors who have not yet claimed their share, either due to small amounts owed to them or missing information in their accounts. Celsius Network has been transparent in its distribution process, ensuring that creditors receive their funds in a timely manner.

As a trusted source in the cryptocurrency industry, Cryptonews has been following the developments at Celsius Network closely. With a team of experienced journalists and analysts, Cryptonews provides accurate and impartial reporting on the latest news and regulatory changes in the cryptocurrency sector. Readers can rely on Cryptonews for in-depth coverage of important events like the distributions at Celsius Network, ensuring they stay informed about the latest developments in the digital asset space.

The successful distribution of over $2.53 billion by Celsius Network highlights the platform’s commitment to fulfilling its obligations to creditors. By distributing funds in both cryptocurrency and cash, Celsius Network has ensured that creditors receive their payouts in a timely manner. The completion of most distributions and the finalization of the reorganization plan indicate that Celsius Network is moving forward from its Chapter 11 bankruptcy and towards a more stable financial position. The efficient handling of the distribution process reflects positively on Celsius Network’s ability to navigate challenging situations and emerge stronger from them.

In conclusion, Celsius Network’s swift distribution of funds to creditors, totaling over $2.53 billion, demonstrates the platform’s dedication to fulfilling its obligations. With most distributions already completed and the reorganization plan finalized, Celsius Network is nearing the end of its Chapter 11 bankruptcy proceedings. As a trusted source of news in the cryptocurrency industry, readers can rely on Cryptonews to deliver accurate and impartial reporting on important developments like the distributions at Celsius Network. Moving forward, Celsius Network’s efficient handling of the distribution process sets a positive example for other companies navigating similar situations in the digital asset space.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room August 27, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Ministry of Education holds fifth orientation forum for scholarship students for 2024
Next Article Pound Sterling Price Update and Prediction: GBP/USD bulls remain indifferent to overbought conditions [Video]
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?