Celsius completes bankruptcy procedure
Celsius has completed the bankruptcy process and announced the start of payments to its creditors, the amount of which exceeds $ 3 billion, both in cryptocurrency and fiat.
As part of the exit from bankruptcy, Celsius announced the creation of a new company called Ionic Digital, which will be engaged in bitcoin mining. Matt Prusak, Chief Commercial Officer of Hut 8, which will manage Ionic Digital, will lead the new venture. Ionic Digital shares are expected to appear on the stock market after obtaining the necessary permits.
Thanks to the bankruptcy exit agreement, which was supported by about 98% of creditors, Celsius was able to increase the amount of funds available for distribution by $250 million. This became possible due to the conversion of altcoins into bitcoin and ether, as well as due to previous settlements.
Celsius plans to completely shut down its operations and abandon mobile and web applications by February 28. Payments to creditors will be made through PayPal, Venmo and Coinbase, as some creditors have already announced on social media.
Source: cryptofeed
