Celsius Network Payouts $2.5 Billion To Creditors

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Celsius Network Limited says it paid over $2.5 billion worth of cryptocurrency and cash to about 251,000 creditors. In a court document filed at the United States Bankruptcy Court Southern District of New York, the disbursement made by the company covers about two-thirds of the creditors.

Celsius’ Efforts to Settle Creditors’ Payments

The payment has cleared about 93% of the owed amount, which was settled using rates from Jan. 16, although approximately in cryptocurrency and cash to about 251,000 creditors. In a court document filed at the United States Bankruptcy Court Southern District of New York, the company’s disbursement of 121,000 creditors was outstanding. Celsius explained that these were creditors who, although approximately in cryptocurrency and cash to about 251,000 creditors. In a court document filed at the United States Bankruptcy Court Southern District of New York, the company’s disbursement of 121,000 creditors was outstanding had not successfully filed claims for their payments.

According to the legal document, the creditors in this category have an average claim of about $1,500, with the bulk of them falling below $100. Some 41,000, however, have claims ranging between $100 and $1,000 from Celsius.

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The company asserts that the likelihood of the creditors filing a claim appears slim, given the amount involved. However, it assured continued distribution to all creditors. Celsius claims to make payouts every two weeks via Coinbase and conducts cash payments every week. Celsius administrator maintains over 2.7 million attempts have been made to over 370,000 creditors, including attempts to creditors yet to receive disbursement successfully.

Celsius Battles Tether Over $2.4 Billion Bitcoin Collateral

While making these payouts, Celsius has also filed a lawsuit against Tether in what appears to be a move to recoup its funds. In a lawsuit at the U.S. Bankruptcy Court for the Southern District of New York, Celsius claimed Tether liquidated Celsius’ collateral during the bear market of 2022. Therefore, it has prayed the court to recoup Bitcoin valued at about $2.4 billion from Tether.

However, Tether has vowed to defend itself in court and will not succumb to what it described as a “shake down” litigation. In an X post, Paolo Ardoino, Tether’s CEO maintained that his company did not breach the terms of the contractual agreement with Celsius and would fight the lawsuit to serve as a reference point in the broader crypto ecosystem.

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Market Reaction

While these exchanges test out their rights in a court of law, the market has reacted negatively, as prices have dipped as of this writing. CoinMarketCap data reveals that in the past 24 hours, Celsius has dropped by 6.37% to $0.1572, while Tether traded at $1.00, representing a 0.04% decrease in value.

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