The Final Chapter of Celsius Bankruptcy Reorganization: Commencing Distribution of 3 Billion Magnesium Worth Cryptocurrency, Mining Company Shares, and Fiat Currency to Creditors.

The Final Chapter of Celsius Bankruptcy Reorganization: Commencing Distribution of 3 Billion Magnesium Worth Cryptocurrency, Mining Company Shares, and Fiat Currency to Creditors.

The Final Chapter of Celsius Bankruptcy Reorganization: Commencing Distribution of 3 Billion Magnesium Worth Cryptocurrency, Mining Company Shares, and Fiat Currency to Creditors.

Due to a debt gap of $1.2 billion, lending platform Celsius Network announced bankruptcy on July 13, 2022. After a series of lawsuits and asset liquidation, the company announced on Wednesday that it will begin distributing $3 billion worth of remaining assets to its creditors.

Interim CEO Chris Ferraro stated in a statement:
As part of the Celsius restructuring plan, a portion of this $3 billion will be used to establish a new Bitcoin mining company called Ionic Digital, owned by the creditors. Celsius’ creditors will have ownership of the mining company through common stocks, which are expected to go public after obtaining necessary approvals. Hut 8, a mining company based in Miami, will oversee the mining operations of Ionic Digital under a four-year management agreement.