Those who are owed funds from Celsius approved this plan themselves, with a total of 98% of creditors voting for it. With approval from their creditors, and now the courts, the final stage of the bankruptcy process begins.
Both crypto and fiat funds are among the $3 billion, and to help distribute a sum this large among so many people, both PayPal and Coinbase are assisting with payouts.
Both crypto and fiat funds are among the $3 billion, and to help distribute a sum this large among so many people, both PayPal and Coinbase are assisting with payouts.
Those who had funds in Celsius when it collapsed will be reimbursed in two ways, first is the $3 billion in funds that will be distributed . Then there's the new Bitcoin mining company they're launching with the funds they've been allowed to keep.
Under new leadership of CEO Matt Prusak, who already runs Mining company Hut8, the remaining resources of Celsius will launch their new mining company 'Iconic Digital'.
Shares of the new mining company will be used cover the rest of what they owe, distributing them before the company intends to go public.
Video Courtesy of CNBC
