Coinspeaker
Celsius Exits Bankruptcy, Begins $3B Repayment to Creditors
Celsius Network, a prominent cryptocurrency lender, has risen from the dust after 18 months of bankruptcy. In an official press release on January 31, 2024, the company said it had successfully exited Chapter 11 bankruptcy.
It is now set to begin distributing over $3 billion in crypto and fiat currency to repay creditors.
Celsius Receives Approval to Exit Bankruptcy
Celsius received approval from its official committee of unsecured creditors (UCC) to transition into MiningCo Transactions as part of its exit bankruptcy strategy. The company also secured a green light from the bankruptcy court on December 27, 2023, to start operations under the new company.
The crypto lender has also launched a new venture in the form of Ionic Digital, a Bitcoin (BTC) mining enterprise, as part of its bankruptcy exit strategy to be owned by Celsius creditors.
According to the release, Hut 8, one of the leading BTC mining companies i
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