Soon, Celsius will begin its second round of payouts , distributing $127 million from its Litigation Recovery Account.
This money will go to people and businesses who are eligible, including those in creditor classes 2, 5, 7, 8, and 9. Let’s discover more about this news about Celsius.
What’s Happening?
After running into big financial problems, Celsius has been working on ways to repay its creditors. This second distribution is part of that plan. The $127 million will be given out in either BTC or USD, depending on what the creditors are eligible for and prefer.
The payouts will go to creditors in certain groups, also called “classes.” These classes are like categories that show what kind of claim someone has against Celsius. If you’re in one of the eligible classes—2, 5, 7, 8, or 9—you could be seeing a slice of this pie.
Celsius will soon begin a second distribution of $127 million made available from the Litigation Recovery Account to eligible creditors (Classes 2, 5, 7, 8, and 9). Distributions will be made in BTC or USD, based on eligibility. For more details, please refer to this notice:…
— Celsius (@CelsiusNetwork) November 27, 2024
Not sure what class you’re in? It depends on the type of account or investment you had with Celsius before things went south. If you’re eligible, Celsius or its legal team will contact you with details.
What Will You Get? When Will It Happen?
Creditors will receive their payout in either BTC or USD. This depends on their claim type and whether they opted for crypto or cash in earlier filings. If you prefer Bitcoin, it’s like getting paid in gold for the digital age. If you go with USD, you’re keeping it simple and sticking with dollars.
Reminder: To receive a distribution in BTC/ETH via Coinbase, a Coinbase account must be active and match the creditor account details on record with Celsius. As per the Coinbase Agreement, after Nov 9, 2024, non-corporate creditors who still have not received their Celsius…
— Celsius (@CelsiusNetwork) November 5, 2024
The exact timeline hasn’t been announced yet, but the process is moving forward. Celsius has already secured the $127 million for this payout, so creditors can rest assured that the money is ready to roll. Keep an eye on updates from Celsius to know when the funds will reach you.
For many creditors, this is a chance to recover at least some of what they lost. Celsius’ efforts to repay creditors show that even after a rough patch, there’s hope for making things right.
Disclaimer
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