Post-effective date Celsius debtors' first update on distributions. Source: Stretto<\/figcaption><\/figure>\nThere has been speculation within the crypto industry about how the actions in the restructuring plan might affect the broader crypto market.<\/p>\n
On Jan. 5, Cointelegraph reported that Celsius\u00a0started recalling and rebalancing its crypto assets to ensure a timely distributions to creditors.<\/p>\n
However, blockchain analytics firm Nansen highlighted at the time, that almost a third of the ETH in the pending withdrawal queue currently belongs to Celsius.<\/p>\n
Related: <\/strong>Celsius valuation advisor approves value of debtors\u2019 assets and liabilities<\/strong><\/p>\n
In October 2023, Celsius asked the court to approve of its restructuring plan, hoping to have creditors repaid before the end of 2023.<\/p>\n
Meanwhile, Alex Mashinsky, the former CEO of the now-defunct crypto lender, is scheduled for trial in September 2024 regarding Celsius' collapse.<\/p>\n
However, his legal team has recently faced scrutiny for a potential conflict of interest, as they also represent Sam Bankman-Fried, the former CEO of bankrupt crypto exchange FTX.<\/p>\n
On Feb. 6, U.S. Prosecutors raised\u00a0concerns about lawyers Marc Mukasey and Torrey Young, who have both filed notice of appearances in the criminal cases against the former crypto CEOs. <\/p>\n
Cointelegraph recently reported that the U.S. government called for a Curcio hearing, in which the judges may ask questions about a potential conflict of interest and why both lawyers were involved in Bankman-Fried and Mashinsky\u2019s cases.<\/p>\n
Magazine: <\/strong>GBTC drops BTC stake by 21%, Celsius exits bankruptcy, and more: Hodler\u2019s Digest, Jan. 28 \u2013 Feb. 3<\/strong><\/p>\n<\/div>\n
\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Bankrupt cryptocurrency lender Celsius has announced that most eligible creditors have now collected their liquid crypto distributions from its two distribution agents, payments giant PayPal, and crypto exchange Coinbase. In a recent court filing, Kirkland & Ellis, the legal team representing Celsius, provided an update on the creditor distributions as outlined in the restructuring plan. […]<\/p>\n","protected":false},"author":1,"featured_media":11487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-11486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum"],"yoast_head":"\nCelsius distributes $2B of crypto to 172K creditors - Sikaoer - The Best Crypto News Site.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sikaoer.com\/celsius-distributes-2b-of-crypto-to-172k-creditors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Celsius distributes $2B of crypto to 172K creditors\" \/>\n<meta property=\"og:description\" content=\"Bankrupt cryptocurrency lender Celsius has announced that most eligible creditors have now collected their liquid crypto distributions from its two distribution agents, payments giant PayPal, and crypto exchange Coinbase. In a recent court filing, Kirkland & Ellis, the legal team representing Celsius, provided an update on the creditor distributions as outlined in the restructuring plan. 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