Celsius Network, the beleaguered cryptocurrency lender, has made significant progress in repaying its creditors. According to a recent court filing, Celsius has now distributed over $2.5 billion, representing 93% of eligible funds, to over 250,000 individual creditors. This distribution comes as part of a broader effort by the company to fulfill its obligations following its well-publicized collapse.
According to Arkham’s report, the distribution process began in January of this year, when Celsius started allocating more than $3 billion of its assets to creditors. The company’s recent actions reflect its ongoing commitment to addressing the financial turmoil it caused in the cryptocurrency market. Now, after months of steady repayments, Celsius appears to have only $5 million of crypto remaining on-chain, signaling that the majority of the repayment process is nearing completion.
Visual on the Distribution Network
An analysis of Celsius Network’s transactions over the past several months reveals a complex web of transfers and distributions. The network visualization shows multiple outflows from Celsius’ hot wallets to various creditor addresses and exchange platforms. Key transactions include significant transfers to Coinbase, Fireblocks, and direct wallets associated with individual creditors.
Celsius Network’s repayment strategy and its dwindling on-chain holdings mark a significant moment for its creditors and the broader cryptocurrency community. With only $5 million left on-chain, stakeholders are keenly observing the final stages of this distribution. The transparency of Celsius’ repayment process, aided by blockchain analytics, has allowed creditors to track and verify the flow of funds.
