Celsius Network Distributes $127M, Achieving 60.4% Recovery Rate

Nov 28, 2024, 10:12 AM

Celsius Network, the bankrupt crypto lender, has initiated its second round of distributions to creditors, disbursing $127 million from its Litigation Recovery Account. This payout brings the recovery rate for eligible creditors to 60.4%. The distribution will be made in either Bitcoin (BTC) or U.S. dollars (USD), depending on the eligibility of the creditors. The value of Bitcoin for this distribution is set at $95,836 per BTC. This follows a previous distribution in January where creditors recovered 57.65% of their claims. The payout comes ahead of the trial of Celsius's former CEO, Alex Mashinsky, in January, and despite the company leaving behind a $1.2 billion hole.