Celsius, a defunct crypto lending company, has repaid more than half of its creditors, according to a filing made on Monday.
Celsius confirmed that it has settled roughly 251,000 of its 372,000 creditors with more than $2.5 billion. 121,000 remaining creditors may be unwilling to redeem their money as most of their funds are below $100. Bitcoin and the crypto market has managed to survive various supply overhangs, including Mt Gox, the German Government and Celsius. The $2.5 billion distribution had a limited impact on Bitcoin 's price, which has historically posted price swings during creditors' repayments.
Given the small amounts at issue for many of these creditors, they may not be incentivized to take the steps needed to successfully claim a distribution, the firm mentioned in the filing. The firm claims that it will retry the process of distribution again every two weeks to these creditors via Coinbase, with redeemable PayPal claim codes available at any time. According to Arkham Intelligence data, Celsius currently holds only $5 million worth of crypto on-chain.
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