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Celsius to Distribute $127 Million to Creditors Amid Ongoing Bankruptcy Proceedings Celsius, the embattled cryptocurrency lender, has announced plans to distribute $127 million to its creditors. However, the payout is subject to certain conditions and eligibility criteria. Eligible creditors will receive their share in Bitcoin (BTC), Ethereum (ETH), or US dollars (USD). Notably, recipients who opt for BTC or ETH must have a Coinbase account. Otherwise, they will automatically receive USD after November 9, 2024. The payout primarily benefits individuals classified under the Illiquid Recovery Rights category within Celsius's bankruptcy plan. A portion of the funds will also be allocated to address unforeseen issues. Former Celsius CEO Alex Mashinsky Faces Fraud Charges Meanwhile, Alex Mashinsky, Celsius's former CEO, is facing charges for market manipulation and fraud, including alleged misconduct related to the CEL token. A judge recently dismissed his attempt to dismiss two fraud charges. If convicted on all seven counts, Mashinsky could face up to 115 years in prison. His trial is scheduled for January 2025. The Aftermath of the 2022 Crypto Winter Celsius's bankruptcy is a lingering consequence of the 2022 crypto winter, which resulted in significant investor losses. While the payout provides some relief, it is a modest consolation compared to the substantial losses incurred. The crypto industry's ongoing struggles are underscored by high-profile cases like Celsius and BlockFi. In related news, law firms involved in crypto cases, such as Kirkland & Ellis, have reportedly earned substantial fees, totaling $120 million. Next Steps and Implications For creditors, the payout offers a measure of relief, albeit insufficient to compensate for their losses. As Mashinsky's trial approaches, the situation remains fluid. The crypto industry's path to recovery remains uncertain, with this development representing only a small step forward. Key Takeaways: - Celsius to distribute $127 million to creditors - Payout subject to eligibility criteria and conditions - Former CEO Alex Mashinsky faces fraud charges, with trial set for January 2025 - Crypto industry continues to grapple with aftermath of 2022 crypto winter

Celsius to Distribute $127 Million to Creditors Amid Ongoing Bankruptcy Proceedings Celsius, the embattled cryptocurrency lender, has announced plans to distribute $127 million to its creditors. However, the payout is subject to certain conditions and eligibility criteria. Eligible creditors will receive their share in Bitcoin (BTC), Ethereum (ETH), or US dollars (USD). Notably, recipients who opt for BTC or ETH must have a Coinbase account. Otherwise, they will automatically receive USD after November 9, 2024. The payout primarily benefits individuals classified under the Illiquid Recovery Rights category within Celsius's bankruptcy plan. A portion of the funds will also be allocated to address unforeseen issues. Former Celsius CEO Alex Mashinsky Faces Fraud Charges Meanwhile, Alex Mashinsky, Celsius's former CEO, is facing charges for market manipulation and fraud, including alleged misconduct related to the CEL token. A judge recently dismissed his attempt to dismiss two fraud charges. If convicted on all seven counts, Mashinsky could face up to 115 years in prison. His trial is scheduled for January 2025. The Aftermath of the 2022 Crypto Winter Celsius's bankruptcy is a lingering consequence of the 2022 crypto winter, which resulted in significant investor losses. While the payout provides some relief, it is a modest consolation compared to the substantial losses incurred. The crypto industry's ongoing struggles are underscored by high-profile cases like Celsius and BlockFi. In related news, law firms involved in crypto cases, such as Kirkland & Ellis, have reportedly earned substantial fees, totaling $120 million. Next Steps and Implications For creditors, the payout offers a measure of relief, albeit insufficient to compensate for their losses. As Mashinsky's trial approaches, the situation remains fluid. The crypto industry's path to recovery remains uncertain, with this development representing only a small step forward. Key Takeaways: - Celsius to distribute $127 million to creditors - Payout subject to eligibility criteria and conditions - Former CEO Alex Mashinsky faces fraud charges, with trial set for January 2025 - Crypto industry continues to grapple with aftermath of 2022 crypto winter

Celsius is back in the news. They’re planning to hand out $127 million to creditors. But before the creditors get too excited, it’s not as simple as it sounds. There are some serious rules, legal battles, and a reminder of just how crazy the 2022 crypto crash really was. Let’s break it down. Who’s Getting Paid? It is true that Celsius is giving out $127 million, but not everyone gets the same thing. If you’re eligible, you could get Bitcoin ($BTC ), Ethereum (ETH), or just regular cash (USD). But here’s the thing—if you want BTC or ETH, you need to have a Coinbase account. If not, no worries, you’ll automatically get USD after November 9, 2024. The payout is mostly for people who fall under the Illiquid Recovery Rights part of Celsius’s bankruptcy plan. But, some of the funds are being set aside for other unexpected issues. So, while it’s a step forward for some, it’s not the full recovery people are hoping for. Legal Woes for Celsius CEO While creditors wait for their share, Celsius’s former CEO, Alex Mashinsky, is in deep trouble. He’s facing charges for market manipulation and fraud, including messing with the CEL token. Recently, a judge shot down his attempt to dismiss two fraud charges. If he’s convicted on all seven charges, he could spend up to 115 years behind bars. His trial is set for January 2025, so there’s more drama to come. The Aftermath of Crypto Winter The bankruptcy of Celsius is just another result of the 2022 crypto winter. This caused a lot of investors to lose their wealth. The payout is a small relief for some, but it’s clear the crypto world has not recovered yet. Big cases like Celsius and BlockFi show just how much the industry has to fix. And even the law firms involved aren’t getting off easy. Kirkland & Ellis, which is handling several crypto cases, has reportedly earned $120 million in fees. So, yeah, you’ve got to wonder who’s really benefiting from all this mess. What’s Next? For creditors, this payout is a bit of good news. But it doesn’t come close to making up for the massive losses. With Mashinsky’s trial around the corner, there’s a lot more to unfold. The crypto world has a long way to go before it recovers, and this isn’t the end of the story.$BTC

Celsius is back in the news. They’re planning to hand out $127 million to creditors. But before the creditors get too excited, it’s not as simple as it sounds. There are some serious rules, legal battles, and a reminder of just how crazy the 2022 crypto crash really was. Let’s break it down. Who’s Getting Paid? It is true that Celsius is giving out $127 million, but not everyone gets the same thing. If you’re eligible, you could get Bitcoin ($BTC ), Ethereum (ETH), or just regular cash (USD). But here’s the thing—if you want BTC or ETH, you need to have a Coinbase account. If not, no worries, you’ll automatically get USD after November 9, 2024. The payout is mostly for people who fall under the Illiquid Recovery Rights part of Celsius’s bankruptcy plan. But, some of the funds are being set aside for other unexpected issues. So, while it’s a step forward for some, it’s not the full recovery people are hoping for. Legal Woes for Celsius CEO While creditors wait for their share, Celsius’s former CEO, Alex Mashinsky, is in deep trouble. He’s facing charges for market manipulation and fraud, including messing with the CEL token. Recently, a judge shot down his attempt to dismiss two fraud charges. If he’s convicted on all seven charges, he could spend up to 115 years behind bars. His trial is set for January 2025, so there’s more drama to come. The Aftermath of Crypto Winter The bankruptcy of Celsius is just another result of the 2022 crypto winter. This caused a lot of investors to lose their wealth. The payout is a small relief for some, but it’s clear the crypto world has not recovered yet. Big cases like Celsius and BlockFi show just how much the industry has to fix. And even the law firms involved aren’t getting off easy. Kirkland & Ellis, which is handling several crypto cases, has reportedly earned $120 million in fees. So, yeah, you’ve got to wonder who’s really benefiting from all this mess. What’s Next? For creditors, this payout is a bit of good news. But it doesn’t come close to making up for the massive losses. With Mashinsky’s trial around the corner, there’s a lot more to unfold. The crypto world has a long way to go before it recovers, and this isn’t the end of the story.$BTC

According to Bloomberg, Alex Mashinsky, co-founder of crypto lender Celsius Network, will plead guilty to two fraud charges. Mashinsky is accused of artificially inflating the price of the platform's CEL token to attract customers, which led to $42 million in personal profits.