Crypto Company Begins Paying $3 Billion to Creditors - Coin Bulletin

After reaching a settlement in the bankruptcy process, Celsius has started to repay billions of dollars worth of receivables from its customers.

According to a statement made by Celsius, the company, which has its restructuring plan approved by the court, has started paying more than $3 billion worth of cryptocurrencies and fiat currencies to its creditors.

Some of the money will be used to start a new Bitcoin mining company called Ionic Digital. Celsius' creditors will be given a stake in this company, which is expected to go public.

Ionic's mining operations will be managed by another mining company, Hut 8, for four years.

Celsius, which is preparing to evolve into a fully mining company, will start shutting down its mobile and web applications.

Celsius filed for bankruptcy in July 2022 due to a $1.2 billion deficit on its balance sheet.