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Celsius to Distribute $3B Crypto to Creditors as Firm Emerges From Bankruptcy

Celsius will be shipping out more than $3 billion to its creditors as its the firm's bankruptcy is officially closed. Apart from the cash, creditors will get a stake in the newly formed Ionic Digital Inc. mining operation, the company said in a statement on Wednesday. About 98% of Celsius Network’s creditors signed off on the plan after 18 months in bankruptcy court. Ionic is expected to become a publicly traded company once it clears approvals. Matt Prusak, the chief commercial officer of Hut 8, the company managing Ionic’s mining, has been named Ionic’s CEO. Crypto lender Celsius’s bankruptcy process also saw it make a $4.7 billion settlement with U.S. authorities over fraud allegations.

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