Celsius Rises from the Ashes: $3 Billion Crypto Windfall for Creditors!

Celsius Network, a crypto lending platform, has successfully emerged from bankruptcy proceedings and is now preparing to distribute more than $3 billion in cryptocurrencies to its creditors. In addition to the cryptocurrency payouts, creditors will receive a stake in the newly established Ionic Digital Inc. mining operation. This significant development comes after approximately 98% of Celsius Network's creditors approved the proposed plan, marking a major milestone for the company after spending 18 months in bankruptcy court. Ionic Digital Inc. is expected to transition into a publicly traded entity once it obtains the necessary regulatory approvals. Furthermore, Celsius Network has also settled a $4.7 billion lawsuit with U.S. authorities related to fraud allegations, with the former CEO, Alex Mashinsky, facing upcoming trial proceedings in September 2024 on charges of manipulating the price of the CEL token.