As part of its bankruptcy proceedings, Celsius has paid back over $2.53 billion to its creditors. The company, once a major crypto lender, has redistributed borrowed funds to about 251,000 creditors, representing approximately 68% of the 372,000 creditors from over 165 countries. The company announced that the redistributions were made in both fiat cash and cryptocurrencies.
The administrator overseeing Celsius’ bankruptcy plan reported that despite the complexity of the process, redistribution has progressed steadily, with over $1.7 billion credited to two-thirds of eligible creditors within two weeks of the effective date. Celsius also reported that within four weeks, about 80% of eligible creditors had received their repayments.
To be eligible, creditors must provide certain credentials, such as a completed PayPal account with a matching date of birth (D.O.B.) or a Coinbase account with a matching email address and D.O.B. Creditors may also be required to provide reliable wire instructions for confirmation.
Most of the creditors who have yet to receive distributions are those set to receive smaller amounts. Of the 121,000 creditors still awaiting payment, around 64,000 are expected to receive amounts of $100 or less, while approximately 41,000 are set to receive between $100 and $1,000.
It appears that the size of these funds might not motivate many creditors in this category to complete the necessary steps for redistribution. With cash payments made weekly and Coinbase payments made biweekly, Celsius has distributed over $2.7 million to eligible creditors, representing about 372 creditors, with multiple attempts made to credit those still awaiting their share.
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