Celsius begins second distribution of $127 million to qualified creditors

According to court documents, Celsius Network is distributing $127 million in its second payment under bankruptcy proceedings to qualified creditors after its collapse in July 2022. The latest distribution raises the total recovery rate to 60.4% of the eligible claim amount, building upon the initial payment in January 2024, when approximately 57.65% of eligible claims were paid in the form of liquid encryption assets or cash. The second payment is primarily composed of liquid encryption assets, with funds converted to BTC at an average price of $95,836.23 to match the claim value. The payment covers various categories of creditors, including retail deposit claims, general income claims, and unsecured loan claims. Former Celsius Network CEO Alex Mashinsky is scheduled to hold a pre-trial conference on January 16, 2025, and the jury trial will commence on January 28, 2025.