Celsius to distribute additional $127M from ‘Litigation Recovery Account’

The debtor’s estate for the failed crypto lending platform announced a second payment of $127 million to creditors, but some are still unhappy with the result.

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Bankrupt crypto lending firm Celsius will distribute an additional $127 million to creditors “soon,” according to a Nov. 28 post from its estate. The distribution is being made available from the “Litigation Recovery Account,” the post stated, and it will be paid out to creditors of classes 2, 5, 7, 8 and 9.

Source: Celsius.

According to a Nov. 27 Notice of Commencement filed in the United States Bankruptcy Court for the Southern District of New York, these classes include retail borrower depositors and users of the “Earn” program, as well as creditors with withhold, unsecured loan or general unsecured claims. It does not include users who have convenience claims or who are not entitled to illiquid recovery rights.

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