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Celsius: $2B Crypto Distribution to 172K Creditors

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Celsius: $2B Crypto Distribution to 172K Creditors

Crypto lender Celsius has announced that most eligible creditors have now received their liquid cryptocurrency distributions from distribution agents PayPal and Coinbase. According to the legal team representing Celsius, $2 billion worth of crypto has been claimed, including over 20,000 Bitcoin and more than 300,000 Ethereum. Account holders who did not agree to the restructuring plan will not receive any distributions until their claims are resolved. Certain account holders may also face challenges in receiving their distribution if Coinbase or PayPal flag any anti-money laundering or compliance issues. The actions outlined in the restructuring plan have sparked speculation about their potential impact on the broader crypto market. Celsius began recalling and rebalancing its crypto assets to ensure timely distributions to creditors. The former CEO of Celsius, Alex Mashinsky, is scheduled to stand trial in September 2024 and his legal team is facing scrutiny for also representing the former CEO of bankrupt exchange FTX. U.S. prosecutors have raised concerns about a potential conflict of interest and have called for a hearing to address the matter.

12 thoughts on “Celsius: $2B Crypto Distribution to 172K Creditors

  1. The fact that Celsius is taking the necessary steps to address any potential compliance issues is commendable. Responsible actions!

  2. Best of luck to Alex Mashinsky and his legal team as they face trial in September 2024. Justice will prevail!

  3. The successful restructuring plan by Celsius gives me confidence in the resilience and stability of the crypto market.

  4. U.S. prosecutors calling for a hearing to address the concerns about a conflict of interest is a positive step toward ensuring fairness and transparency.

  5. Interesting to see that Celsius’s legal team is also representing the former CEO of bankrupt exchange FTX. Hope they can handle the potential conflict of interest effectively.

  6. Exciting news for crypto enthusiasts as Celsius makes progress in distributing assets to eligible creditors. Celebrating the growth of the industry! 🎉💰

  7. I can’t help but wonder if Celsius recalling assets is a sign of deeper financial troubles.

  8. Wishing Alex Mashinsky’s legal team all the best as they navigate the upcoming trial. Justice will prevail! ⚖️🙏

  9. The resolution of legal matters in the Celsius case will have a significant impact on the perception of the crypto market’s integrity. Let’s trust the process!

  10. This just seems like another case of a crypto company mishandling funds.

  11. The accountability shown by U.S. prosecutors in addressing potential conflicts of interest is commendable. Fairness matters!

  12. Recalling and rebalancing crypto assets shows Celsius’s commitment to fulfilling their obligations. Impressive dedication!

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