In the ongoing Celsius bankruptcy saga, former CEO Alexander Mashinsky has agreed not to claim any assets from the company’s bankruptcy proceedings.
Mashinsky's Waiver Agreement
On Monday, the court reviewed and approved a new agreement involving Celsius's debtors, Mashinsky, and associated entities, including AM Ventures Holding Inc., Koala1 LLC, and Koala3 LLC. Under this deal, these parties are officially barred from receiving any distributions from Celsius' bankruptcy estate.
Court Orders Release of Assets
The court ordered that all crypto assets, cash, and Miningco shares held by Mashinsky and the involved entities must be released for redistribution. This decision clears the way for a wider distribution of remaining assets, bringing some relief to the thousands of creditors still waiting for their payouts.
Status of Celsius Creditors
Celsius began the distribution process in 2024, releasing over $3 billion in cryptocurrencies and fiat currencies to eligible creditors. Despite this progress, over 121,000 eligible users have yet to claim their rightful distributions. While some creditors expressed satisfaction after receiving their assets, many have faced delays and complications. According to recent figures, $1 billion has already been reclaimed by over 251,000 creditors, but a substantial number are still waiting for access to their funds.
The latest court order clearing Mashinsky of claims paves the way for creditors to receive their due assets. This move may help restore confidence in the asset recovery process.
