News - Creditors Celsius receive US$2 billion

By Ted Maas

Creditors Celsius receive US$2 billion

Bitcoin (BTC)
Ethereum (ETH)

Duped customers of the insolvent lending service can breathe a sigh of relief. The company has reportedly already paid 75 percent of its debt. This is according to court documents.

According to the documents, duped customers of the company have so far received about $2 billion in cryptocurrencies. This includes 20,500 BTC and 301,000 ETH. Payment service providers PayPal and Venmo, as well as the exchange Coinbase, are responsible for the crypto payouts.

According to the company's lawyers, 75 percent of the debt has been settled. In total, about three billion dollars will be paid out to the aggrieved parties.Only those creditors who had agreed to the submitted reorganization plan will receive de-payments. Individual cases are still pending and reportedly will not be finalized until after that.

In July 2022, Celsius filed for bankruptcy after payments on the platform stopped. The company's former CEO, Alex Mashinsky, is accused of fraud and market manipulation by U.S. prosecutors. He faces trial in September.

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