Bankrupt crypto lender Celsius has made substantial headway toward repaying its creditors. According to a recent court filing, they have refunded $2.53B to its 251,000 creditors. This sum is 84% of the $3B owing to over 375,000 creditors.
The payback procedure has reached two-thirds of eligible clients. It's a good indication for the crypto market, matching the rehabilitation efforts of other companies such as Mt. Gox.
Not every creditor has claimed their payments. Many owe tiny sums, which reduces their desire to pursue repayment. Approximately 64,000 debtors are owed less than $100, with 41,000 owed between $100 and $1,000.
Celsius has developed a biweekly distribution process via Coinbase. PayPal claims codes are also accessible. There have been around 2.7 million distribution attempts so far.
The bankruptcy situation has also prompted legal measures. Celsius resolved fines with US authorities totaling $4.7B. Former CEO Alex Mashinsky faces federal accusations, although he maintains his innocence.
As Celsius tries to fix its financial challenges, these events provide optimism for a settlement in the crypto lending business.
