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Celsius transferred $2 billion worth of cryptocurrency to its creditors
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Celsius transferred $2 billion worth of cryptocurrency to its creditors

Feb 17, 2024

The company Celsius has taken a significant step towards addressing its obligations to creditors by transferring crypto assets worth $2 billion. This amount includes over 20,000 BTC (bitcoins) and 301,000 ETH (ethers), which were distributed among 171,672 company clients. The company's actions, it is noted, are aimed at paying off a significant portion of its debts to its clients.

Celsius, known as a cryptocurrency lender, has faced the need to reorganize its operations in light of financial difficulties. As part of this process, the company announced plans to pay creditors crypto assets totaling $3 billion. This statement was made in January 2024 and is part of a strategy to rebuild trust and stabilize the financial situation.

An important aspect of the plan is the creation of a new mining enterprise based on Celsius, which will be engaged in cryptocurrency mining and staking. The goal of this enterprise is to generate income to pay off debts. However, unlike the previous business model, the new structure will not accept deposits or issue loans.

In addition, the company has asked its clients to return some of the funds that were withdrawn 90 days prior to the company's collapse. This requirement applies to account holders who withdrew more than $100,000 before July 13, 2022.

These measures reflect Celsius commitment to restoring its financial health and ensuring fairness in its relationships with creditors. The transfer of crypto assets worth $2 billion is a significant step in this direction, underscoring the company's accountability to its clients and its commitment to transparency in its actions.

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