Fun

Second Distribution By Celsius Network: Creditors To Receive Bitcoin Valued at $95,000 Each

News Feed - 2024-11-30 03:11:44

Este artículo también está disponible en español.


Once a prominent player in the cryptocurrency lending space, Celsius Network has commenced its second round of distributions to creditors, amounting to $127 million. This follows the company’s prior efforts to distribute approximately $3 billion in cryptoand fiat currency, initiated after a successful vote on its reorganization plan earlier this year.


The latest distribution is aimed at eligible creditors affected by Celsius’ collapse and subsequent Chapter 11 bankruptcy filing, which temporarily halted withdrawals before the reorganization efforts.  Celsius Implements Changes To Second Distribution


According to court documents, the funds for this distribution were converted from cash received from Litigation Administrators into Bitcoin (BTC) for eligible creditors with approved claims. This conversion was done to streamline the distribution process and minimize administrative burdens. Related Reading Analyst Maps Out Dogecoin Price Arc To $3 Using A Logarithmic Scale 20 hours ago


Each eligible creditor will receive a cumulative distribution representing around 60.4% of their claims’ value as of the petition date. The BTCallocated for this distribution is based on a weighted average price of $95,836.23, reflecting the price at which Celsius purchased the cryptocurrency for this purpose.


The distribution process is designed to ensure that creditors receive their allocated amounts in either cash or liquid cryptocurrency. If a creditor was scheduled to receive a distribution via US-based crypto exchangeCoinbase but did not receive it by the designated date, the firm will continue to hold the liquid crypto for that creditor and convert it to cash when appropriate.  Bankruptcy Challenges


Notably, the documents reveal that some creditors received initial distributions based on varying recovery rates—57.87% for some and 57.65% for others. To rectify this discrepancy, those who received a higher initial distributionwill see a corresponding reduction in their second distribution.


Eligible creditors are encouraged to ensure their distribution information is up-to-date, especially if they need to change their distribution agent. If a creditor experiences issues receiving their funds, they can create a Customer Care Ticket to seek assistance. Related Reading Storm Ahead? Bitcoin Price Could Tumble 20% Due To M2 Supply Concerns 1 day ago


In addition to this distribution, Celsius asserts it will navigate the complexities of its bankruptcy proceedings, which include ongoing litigation that may affect certain creditors’ eligibility for distributions.  The daily chart shows CEL’s price consolidation. Source: CELUSDT on TradingView.com


At the time of writing, the company’s native token, CEL, is trading at $0.23, recording a slight increase of 1% in the 24-hour time frame. Interestingly, CEL is one of the few cryptocurrencies on the market that has not recorded a significant uptrend over the past three weeks. 


Year-to-date, the token is still down 2%, but when compared to its current trading level and its record high, it is even more concerning, with a 97% gap to its all-time high of $8 reached in June 2021 before the company’s collapse. 


Featured image from DALL-E, chart from TradingView.com 

News Feed

$200 Million In Crypto Longs Wiped Out As Altcoins Crash To Start Week
Este artículo también está disponible en español. Data shows that the cryptocurrency derivatives sector has seen a high amount of liquidation during the past day as Ether
Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India
Ban or No Ban: Conflicting Reports on Crypto Regulation Coming Out of India Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the up
BONK Jumps 20% As ‘Dog Season’ Starts, Analyst Says
Este artículo también está disponible en español. As communities of the crypto space increase so does the amount of ludicrosity that comes with it, as meme coins are now
Bitcoin Network’s Mining Difficulty Expected to See Largest Increase in Over 2 Months
Bitcoin Network"s Mining Difficulty Expected to See Largest Increase in Over 2 Months Bitcoin’s hashrate has been steadily climbing after dropping to 69 ex
Bitcoin, Ethereum Technical Analysis: ETH Hits $1,600 as Crypto Surge Continues on Tuesday
Bitcoin, Ethereum Technical Analysis: ETH Hits $1,600 as Crypto Surge Continues on Tuesday Ethereum rose for a seventh consecutive session on Tuesday, as prices briefly climbed abo
Signature Bank Considered a Buy as Last Major Bank Standing in Crypto Market Amid Silvergate and SVB Troubles
Signature Bank Considered a Buy as Last Major Bank Standing in Crypto Market Amid Silvergate and SVB Troubles Amid the demise of Silvergate Bank and the troubles faced by Silicon V
Harris campaign’s crypto ‘reset’ questioned amid Fed crackdown
Amaka Nwaokocha13 hours agoHarris campaign’s crypto ‘reset’ questioned amid Fed crackdownCritics argue that the US Federal Reserve’s actions are a significant overreach and could stifle innovation in the cryptocu
Solana memecoin craze continues with Biden parody token reaching $250M market cap
Zhiyuan Sun7 hours agoSolana memecoin craze continues with Biden parody token reaching $250M market capThe price of the Boden token went on a wild run shortly after its launch on March 9.9087 Total views3 Total sharesLis
Bitcoin Added to the Guinness Book of World Records as the ‘First Decentralized Cryptocurrency’
Bitcoin Added to the Guinness Book of World Records as the "First Decentralized Cryptocurrency" Since 1955 Guinness World Records (GWR) has published a reference book annually that
Tom Mitchelhill8 hours agoCelsius creditors vote in favor of reorganization planThe majority of Celsius creditors have voted in favor of a plan that will see approximately $2 billion worth of Bitcoin and Ethereum returne
Venezuela’s Asonacrip: Bitcoin Bull Run Could Help Boost Usability of Cryptos Such as Petro
Venezuela"s Asonacrip: Bitcoin Bull Run Could Help Boost Usability of Cryptos Such as Petro The president of the National Association of Cryptocurrencies of Vene
Bitcoin spikes as betting markets favor Trump during debate with Biden
Tom Mitchelhill5 hours agoBitcoin spikes as betting markets favor Trump during debate with BidenThe price of Bitcoin jumped as much as 1.1% after the presidential debate kicked off on Thursday evening, with Donald Trump