Celsius is valued at more than $253 billion as part of bankruptcy process crypto money and distributed cash. The distributions reached approximately 251,000 creditors, covering approximately two-thirds of the creditors in number and 93 percent in value. However, 121,000 creditors have not yet claimed their rights. The majority of creditors, who are entitled to an average distribution of $1,500, are reluctant to make their distribution requests because of the small amounts.
Approval was given in November
Celsius bankruptcy proceedings United States new York It officially ended with a restructuring plan approved by the Southern District Bankruptcy Court in November, which includes distributing cryptocurrency, cash, and MiningCo stock to approximately 375,000 creditors. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The distribution process was further complicated by the fact that Celsius was a business that was not fully compliant with regulatory requirements prior to the bankruptcy, and multiple regulators were seeking to take action against the company.
Legal Battle Continues With Tether
Celsius has filed a lawsuit against Tether demanding the return of $33 billion worth of Bitcoin in addition to the distribution process. Tether has called the claim “blackmail” and said it plans to counter-sue. The legal process further complicates Celsius’ bankruptcy process, and the consequences of these developments could have long-term effects on the cryptocurrency market.
CelsiusThe bankruptcy process of ‘s has revealed an unprecedented distribution operation in the cryptocurrency world. It is awaited with curiosity how this process will end and when the incomplete distributions will be completed. It is thought that the relevant legal processes and regulatory pressures may offer important lessons on how cryptocurrency companies will manage their bankruptcy processes in the future.
As is known in the history of cryptocurrencies, bankruptcy processes have always been problematic situations. Sometimes the problematic process occurred due to hacks and sometimes as a result of poor management. The Mt.Gox incident is a hack While FTX is an example of bankruptcy due to the reason, it can be given as an example of bad management. However, as in the case of Celsius, the fact that the creditors were at least compensated for their losses is an important development in the history of cryptocurrencies.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
