Celsius Network, a cryptocurrency lending platform, has successfully exited bankruptcy after more than 18 months of Chapter 11 proceedings in the U.S. The company announced the commencement of distributing over $3 billion in cryptocurrency and fiat to its creditors as part of a court-approved reorganization plan.
Notably, 98% of account holders endorsed the strategy. Celsius strategically increased the available amount by $250 million through converting altcoins to Bitcoin and Ethereum. The bankruptcy plan introduces Ionic Digital, a new Bitcoin mining company managed by Hut 8, offering creditors equity ownership.
Upon securing necessary approvals, Ionic Digital is preparing to publicly debut its stock, heralding a positive turn for Celsius amidst the challenges of the crypto market.
Former CEO Alex Mashinsky faces legal proceedings scheduled for September 2024.
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