Celsius distributes $2B of crypto to 172K creditors

Update on Crypto Distributions from Celsius Bankruptcy Case

Celsius, a bankrupt cryptocurrency lender, has announced that the majority of eligible creditors have successfully received their liquid crypto distributions from two major distribution agents – PayPal and Coinbase.

In a recent court filing, the legal team representing Celsius, Kirkland & Ellis, provided an update on the creditor distributions outlined in the company’s restructuring plan. This comes after Celsius announced its exit from bankruptcy, which was filed in July 2022.

According to Kirkland & Ellis, PayPal is facilitating the crypto distributions for holders in the United States, while Coinbase is managing overseas holders as the distribution agent.

The lawyers stated that a total of $2 billion worth of crypto has been transferred to creditors, including 20,255.66 Bitcoin (BTC) and 301,338.77 Ethereum (ETH).

Understanding the Differences between Web 2.0 and Web 3.0

The recent filing by Coinbase has shed light on the differences between Web 2.0 and Web 3.0, and how the latter will function. It also raises questions about how businesses can prepare for the shift to this new version of the internet.

One of the key distinctions mentioned in the filing is that account holders who do not agree to the restructuring plan will not receive any cryptocurrency distribution until their individual claims are resolved. This highlights the decentralized nature of Web 3.0, where individual control and ownership are prioritized.

Furthermore, the filing notes that certain account holders may face difficulties in receiving their distribution if compliance issues are raised by platforms such as Coinbase or PayPal. This showcases the importance of compliance and AML regulations in the Web 3.0 ecosystem.

Preparing for Web 3.0: Learning and Investing

As the transition to Web 3.0 begins, it is crucial for individuals and businesses to understand the differences between this new version and its predecessor. Resources such as online courses and tutorials can help in learning about Web 3.0 and its potential impact on businesses.

For those looking to take a more active role in the Web 3.0 space, investing in projects and platforms that are building towards this future can be a viable option. However, it is important to thoroughly research and understand the risks involved before making any investments.

The Future of Web 3.0

While the concept of Web 3.0 has been discussed for years, it is now becoming a reality with the advancements in blockchain technology. The actions outlined in the Coinbase filing are just a glimpse of the potential impact of Web 3.0 on the broader crypto market and the internet as a whole.

Celsius Begins Recalling and Rebalancing Crypto Assets to Repay Creditors

As of Jan. 5, Cointelegraph reported that Celsius has initiated the process of recalling and rebalancing its crypto assets in order to ensure timely distributions to its creditors.

However, according to blockchain analytics firm Nansen, nearly one-third of the ETH in the pending withdrawal queue belongs to Celsius.

In October 2023, Celsius submitted a restructuring plan to the court, with hopes of repaying creditors before the end of 2023.

Former CEO of Celsius Scheduled for Trial in September 2024

Meanwhile, Alex Mashinsky, the former CEO of the now-defunct crypto lender, is set to stand trial in September 2024 in relation to Celsius’ collapse.

Exploring the Differences Between Web 3.0 and Web 2.0

Recently, there has been much discussion about the emergence of Web 3.0 and how it differs from its predecessor, Web 2.0. One key difference is the potential impact on businesses and the potential for conflict of interest, as seen in the case of lawyers representing both the former CEO of FTX and the bankrupt crypto exchange.

But how exactly will Web 3.0 work and what does it mean for businesses? Let’s delve deeper into this topic and learn more about the key differences between Web 2.0 and Web 3.0.

If you’re interested in learning more about Web 3.0, there are various resources available to help you understand this evolving technology. From online courses to workshops and conferences, there are plenty of opportunities to expand your knowledge and stay updated on the latest developments.

As Web 3.0 continues to gain momentum, businesses may need to adapt and evolve in order to stay relevant in the ever-changing digital landscape. It’s important to stay informed and explore the potential opportunities and challenges that may arise with the emergence of this new era of the internet.

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