Celsius Network's Creditors Approve $2 Billion Crypto Refund

Celsius Network's Creditors Approve $2 Billion Crypto Refund



Most of the lenders to Celsius Network have given their approval for a plan to reimburse $2 billion worth of Bitcoin and Ethereum. As part of the Celsius bankruptcy proceedings creditors voted in favor of receiving their funds and also obtaining shares in a new company.



According to a report released by the bankruptcy agency, Stretto on September 25 than 98% of the creditor groups have accepted the proposed plan. However final confirmation from the US Bankruptcy Court in New Yorks Southern District is still pending with a hearing scheduled for October 2.



Based on documents disclosed on August 17 the proposed plan outlines the distribution of $2 billion worth of Bitcoin (valued at $26,345) and Ethereum (valued at $1,592) among Celsius Networks creditors. Additionally it suggests allocating shares in an established entity


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#Blockchain, #Celsius, #CelsiusNetwork, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #News, #Regulations

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