Celsius Token Surges 300% After Repaying $2.5B to Creditors
The Celsius Community’s native token, CEL, has seen a dramatic surge of over 300% prior to now month following the completion of a $2.5 billion reimbursement scheme to its collectors.
Court docket filings from August 26 revealed that the bankrupt digital asset lender had efficiently distributed roughly $2.53 billion to 251,000 collectors. On the time of the reimbursement, CEL was buying and selling at $0.16.
Nevertheless, as of September 23, the token’s worth had climbed to $0.65, marking a major 300% enhance. Whereas this represents a considerable restoration, CEL stays far under its all-time excessive of $8.05 reached in June 2021.
Regardless of the profitable reimbursement, many collectors with smaller claims, significantly these owed lower than $1,000, have but to assert their funds. The submitting indicated that 64,000 collectors fall into this class, with 41,000 owing between $100 and $1,000.
The chapter administrator prompt that the complexity of the claims course of and the comparatively small quantities concerned could be deterring these collectors from taking motion.
Celsius filed for chapter in July 2022, resulting in a collection of authorized challenges. The corporate confronted fines of as much as $4.7 billion from the US Federal Commerce Fee, and its former CEO, Alex Mashinsky, was arrested on expenses of monetary fraud.
Additionally Learn: Celsius Has Repaid $2.53 Billion to Its Creditors
