PANews reported on November 28 that according to Beincrypto, Celsius is preparing to distribute a second round of $127 million from its litigation recovery account to eligible creditors. Funds will be distributed in the form of Bitcoin, Ethereum or US dollars based on eligibility.
According to the latest bankruptcy court filing, the administrator has allocated about $127 million for this round of payments, after deducting fees and expenses. The funds will be distributed to "post-effective date debtors" among Celsius' creditors who have rights to recover non-current assets under the company's bankruptcy plan. A portion of the funds designated in the plan will be retained as reserves.
It is worth noting that creditors who wish to receive distributions in the form of BTC or ETH must have an active Coinbase account, and the account information must be consistent with the information recorded by Celsius. Celsius stated on X: "Pursuant to the Coinbase Agreement, after November 9, 2024, non-corporate creditors who have not received Celsius distributions through Coinbase will automatically be transferred to the US dollar distribution partner for processing."
