Celsius Starts Paying Back its Creditors
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Celsius Network announced on Wednesday it has officially resolved its Chapter 11 bankruptcy and has begun distributing $3 billion in cryptocurrencies and fiat among its creditors.

The decision has come after 18 months of disruption in user withdrawals.

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As part of the reorganization plan, a portion of the $3 billion will be used to establish the new Bitcoin mining company, Ionic Digital, owned by creditors, according to the statement issued by the company.

Celsius' creditors will own the mining company through common stock, which is expected to be publicly traded in the near future. With this, the mining company Hut 8 will take over oversight of Ionic's mining operations for a period of four years.

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Celsius plans to gradually shut down its mobile and web applications.

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