Celsius is going to pay depositors $ 25 million.

The Celsius Network organization is currently trying to become bankrupt by going through the appropriate process. She was able to reach an agreement with her Series B investors. Within its framework, $ 25 million will be distributed through the sale of the GK8 cryptocurrency custodian.

What is known about the agreement

The agreement states that $24 million of the amount will be spent on court costs. Only a million will be distributed among depositors.

The documentation states that this agreement allows you to end a controversial case in court. It also removes one of the biggest obstacles to paying $25 million from the implementation of a cryptocurrency custodian. The parties also decided to abandon the claims.

Note that the depositors from Series B are the largest in this case. Now they have asked the court to confirm the agreement so that the bankruptcy procedure can be continued.

Recall that Ceisius bought the GK8 cryptocastodian in the fall of 2021. The value of the transaction then amounted to $ 115 million. however, then the company decided to become bankrupt. Therefore, I sent a sale offer to the auction. Galaxy Digital was able to win it. The amount of the ransom was not disclosed. However, they say that it was smaller than the original one. 

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