$3 billion for lenders

Insolvent cryptocurrency lender Celsius has ended its bankruptcy proceedings. Creditors will receive three billion dollars.

Celsius has its bankruptcy proceedings completed and announced the distribution of more than $3 billion in cryptocurrency to creditors.

The reorganization plan was approved by a large majority "of about 98 percent of the company's account holders and confirmed by the Bankruptcy Court for the Southern District of New York." announced the company to.

The plan provides for "the distribution of more than $3 billion in cryptocurrency and fiat to Celsius' creditors and the creation of a new mining company - Ionic Digital, Inc - owned by Celsius' creditors," the company added.

"Our exit from bankruptcy is the culmination of an extraordinary team effort and extensive collaboration between Celsius, Hut 8, strategic partners and our creditors," said David Barse and Alan Carr of the Special Committee.

Cryptocurrency lender Celsius filed for bankruptcy in July 2022 after it was unable to satisfy outstanding claims.