After a protracted 18-month journey through the intricacies of bankruptcy proceedings, Celsius Network, a beleaguered crypto lender, has successfully concluded the distribution of assets exceeding $3 billion to its creditors.
The labyrinthine process of restructuring necessitated extensive collaboration with regulatory authorities, coupled with innovative approaches such as alternative settlement agreements and the conversion of less liquid altcoins into major cryptocurrencies like Bitcoin and Ethereum.
Majority Of Owed-Funds Account Holders Approve
A pivotal achievement for Celsius was securing nearly unanimous support for its distribution plan, with a staggering 98% approval from account holders who were owed funds. This meticulously crafted plan involved transferring over $3 billion in a combination of cryptocurrencies and traditional fiat currencies to the creditors, offering a semblance of relief after a prolonged and uncertain journey.
Notably, a new entity named Ionic Digital em
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