Celsius Network’s US$3 bln repayment begins

Celsius Network announced that it has commenced the repayment of US$3 billion in cryptocurrencies and fiat to its creditors, marking the end of the digital assets lender’s bankruptcy. 

Celsius Network’s bankruptcy exit includes the creation of Ionic Digital, a Bitcoin mining firm that will continue to deliver recoveries to creditors, according to Wednesday’s press release. 

This comes 18 months after the cryptocurrency lender paused withdrawals in June 2022 during the crypto market crash caused by the US$45 billion wipeout of Terra’s Luna cryptocurrency.

Celsius Network filed for Chapter 11 bankruptcy a month into its withdrawal freeze in July 2022. 

A year later, in July 2023, co-founder and former chief executive officer of the company, Alex Mashinksky, was arrested and charged in the U.S. with seven counts, including securities and wire fraud. 

Mashinsky’s trial date is set for September 17, 2024. 

The lending platform’s native token, CEL, was once one of the top 100 cryptocurrencies ranked by market capitalization. It currently trades at US$0.1755 down 97.8% from its all-time high of US$8.05 recorded in June 2021, according to CoinGecko data. 

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