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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Celsius Follows FTX As It Begins Repaying Crypto To Creditors, Here’s How Much

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Celsius network

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Bankrupt cryptocurrency lending company Celsius Network has followed behind FTX, revealing plans to disburse billions of dollars in crypto to creditors and establish a new Bitcoin mining company for its creditors. 

Celsius To Distribute $3 Billion In Crypto To Creditors

In a press release published on Wednesday, Celsius Network announced its successful emergence from bankruptcy. The company is now set to implement its “plan of reorganization,” which involves distributing over $3 billion in crypto assets and fiat currency to its creditors. 

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The crypto lending company claimed that the reorganization plan has gained approval by approximately 98% of the company’s account holders. Additionally, Celsius disclosed that the plan has been confirmed and accepted by the Bankruptcy Court of the New York Southern District and the United States Securities and Exchange Commission (SEC). 

Earlier in 2022, Celsius filed for bankruptcy in New York after becoming one of the many victims of the crypto market’s dramatic plunge which saw major token prices falling to new lows. Subsequently, the crypto lending platform froze all withdrawals, temporarily shutting off account holder’s access to their savings and funds. 

Now, 18 months after halting withdrawals, Celsius is finally settled and has initiated steps to reimburse creditors. The crypto lending platform disclosed plans to boost its cryptocurrency distribution to creditors by almost $250 million. This would involve converting altcoins to Bitcoin (BTC) and Ethereum (ETH). 

“Our exit from bankruptcy is the culmination of an extraordinary team effort and extensive collaboration between Celsius, Hut 8, strategic partners, and our creditors,” Members of the Special Committee of the Board of Celsius, David Barse and Alan Carr stated. 

The conclusion of the long-awaited repayment and the company’s reorganization plans marks a milestone for Celsius as it reflects the organization’s commitment to its creditors. It also underscores its compliance with regulatory obligations and resolvement of intricate legal issues within its business. 

Celsius Network CEL price chart from Tradingview.com (FTX Crypto)

CEL token price falls despite repayment plans | Source: CELUSDT on Tradingview.com

Celsius Forges Ahead With Creation Of New Bitcoin Mining Company

As Celsius works to disburse $3 billion to its creditors, the crypto lending platform has also announced plans to create a new Bitcoin mining company, Ionic Digital, Inc. The Bitcoin mining company will be owned by Celsius creditors, and mining operations will be managed by Hut 8 Corp, a North American digital asset mining company. 

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The objective of the Bitcoin mining company is to consistently provide recoveries to creditors and ensure that the best outcomes are guaranteed for them. After gaining the necessary requisite approvals, Ionic Digital stocks are expected to be publicly traded. Certain shares of the Bitcoin mining company have already been allocated to Celsius creditors.  

Additionally, the Chief Commercial Officer (CCO) of Hut 8, Matt Prusak, will assume the role of Chief Executive Officer (CEO) at Ionic Digital. The publication revealed that he will be working with Celsius’s board of directors appointed by the Official Committee of Unsecured Creditors (UCC).

Featured image from Bitcoinist, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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