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Christopher Roark
15 hours ago


CELSIUS TO DISTRIBUTE ADDITIONAL $127M FROM ‘LITIGATION RECOVERY ACCOUNT’

The debtor’s estate for the failed crypto lending platform announced a second
payout of $127 million to creditors, but some are still unhappy.

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Bankrupt crypto lending firm Celsius will distribute an additional $127 million
to creditors “soon,” according to a Nov. 28 post from its estate. The
distribution is being made available from the “Litigation Recovery Account,” the
post said, and it will be paid out to creditors of classes 2, 5, 7, 8 and 9.

Source: Celsius.

According to a Nov. 27 Notice of Commencement filed in the United States
Bankruptcy Court for the Southern District of New York, these classes include
retail borrower depositors and users of the Earn program, as well as creditors
with withhold, unsecured loan or general unsecured claims. It does not include
users who have convenience claims or who are not entitled to illiquid recovery
rights.


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Creditors will receive crypto payment through the same method they used for the
first distribution: PayPal, Venmo or Coinbase. If they don’t have a verified
account with these, they will receive a cash payment. Some corporate creditors
will be able to receive the payment as well, but those with convenience claims
will be excluded.

Magazine: ‘Less flashy’ Celsius CEO set for less jail time than SBF

Despite the seemingly good news of a second payment, some crypto users on X
complained that the payment was too little, too late. “You guys stole me 0,7 BTC
and a bunch other tokens! Give it back to me!” exclaimed Bitcoin investor
Puffel. “I lost here my 8 btcs.... Today I could be a millionaire .... thiefs…”
Bitcoin investor JCH said, adding in a second post that he had received
“peanuts.”

Source: JCH.

In March, some Celsius corporate creditors claimed that they were getting 30%
reduced payments due to the debtors’ estate relying solely on Coinbase to
process distributions.

Celsius went bankrupt in July 2022. The company’s former CEO, Alex Mashinsky,
was arrested and charged with fraud in July 2023 for allegedly lying to
depositors about the risks of investing in the platform. His trial is scheduled
to begin in January 2025.


Related: Judge denies ex-Celsius CEO’s bid to dismiss fraud, manipulation
charges

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 * #Business
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 * #Regulation
 * #Celsius
 * #Policy


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