CEL, the native token of Celsius Network, has reportedly surged in value by 300% just one month after making a $2.5 billion payment to over 250,000 creditors.
According to data from Coingecko, CEL was valued at $0.16 on August 26, 2024, and then rose to $0.56 by September 23, 2024, marking a 300% increase in price. The market capitalization also increased to $12.74 million. In the last 24 hours, the token’s trading volume surpassed $22 million, indicating an increase of over 84%.
Although the token is currently trading at around $0.58, it is still 1,287% below its all-time high of $8.05 in June 2021. Notably, this recovery comes after a recent bankruptcy settlement.
In July 2022, Celsius filed for bankruptcy and faced fines of up to $4.7 billion from the United States Federal Trade Commission. However, the company stated that it was pleased with the resolutions it had reached with various regulatory agencies in the US.
While most creditors are already paid, not all eligible for payment want to claim their digital assets because some of the amounts owed are small. An August 26 court filing showed that the bankrupt crypto lending platform repaid around 84% of the owed assets, totalling approximately $2.53 billion. The filing mentioned that many creditors still need to claim their cryptocurrency, with 64,000 having balances of less than $100 and 41,000 owed between $100 and $1,000.
Meanwhile, in November 2023, Celsius Network announced plans to pivot operations and establish a new publicly traded Bitcoin mining company owned by its customers after receiving feedback from the Securities and Exchange Commission (SEC) regarding its bankruptcy reorganization plan.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
