Web3 Diaries- Celsius To Distribute $3bn Crypto To Creditors
Celsius will be shipping out more than $3 billion to its creditors as its firm’s bankruptcy is officially closed.
In addition to the money, creditors will receive stock in the recently established mining business of Ionic Digital Inc., the company announced in a statement on Wednesday.
After 18 months of bankruptcy court proceedings, around 98% of Celsius Network’s creditors approved the deal. Ionic anticipates going public after obtaining all necessary clearances.
FTX Expects To Fully Repay Customers But Won’t Restart Defunct Crypto Exchange
According to a court hearing, FTX, the defunct cryptocurrency exchange that Sam Bankman-Fried oversaw, stated that it anticipates paying back all of its clients in full.
Unfortunately for those who are waiting for their money, the full recovery of client assets is contingent upon the moment of FTX’s true bankruptcy, which occurred at a period of market turmoil. Judge John Dorsey of the United States Bankruptcy Court initially approved that date, but some claimants disagree.
Bitcoin’s price has rebounded to more than $43,000 as of now, up 110% from its price of roughly $20,500 at around the time of FTX’s collapse in early November.
Tether’s Q4 Profit Surges To $2.85bn Driven By T-Bills
Tether Holdings, the company behind the stablecoin Tether USDT, posted record profit during the last quarter of 2023, driven by Treasury interest and a strong performance from other assets.
It recorded a net profit of $2.85 billion, which includes up to $1 billion in net interest from US Treasuries while rest contributed by Gold and Bitcoin reserves.
Tether employs 125 people, bringing the net profit per employee to $22.8 million in the last quarter.
For the year, Tether reported a net profit of $6.2 billion, with $4 billion generated by U.S. Treasury bonds and other non-crypto investments. Tether’s Total assets under management include $80.3 billion in U.S. Treasurys, $2.8 billion in BTC, $3.5 billion in gold and $1.5 billion in venture capital investments.
You need to login in order to Like
