Celsius Network emerges from bankruptcy, distributing $3 billion to creditors.
Spot On Chain reports Celsius’ $156.5 million ETH deposit to Coinbase Prime.
Celsius Network LLC, a prominent cryptocurrency lending platform, has successfully emerged from bankruptcy, signaling a triumph for the company and its stakeholders. The completion of the confirmed plan of reorganization, approved by an overwhelming 98% of the Company’s account holders and confirmed by the Bankruptcy Court for the Southern District of New York on November 9, 2023, marks the end of an eighteen-month-long restructuring process.
The comprehensive plan involved building consensus among diverse stakeholders, resolving intricate legal issues, cooperating fully with regulatory investigations, and executing transactions under the plan. The key highlights of the plan include the distribution of over $3 billion in cryptocurrency and fiat to Celsius’ creditors. And the establishment of a new Bitcoin mining company, Ionic
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