Pay Attention to This Development in Ethereum: Bankrupt Company Will Distribute Shares - Coin Bulletin

Bankrupt cryptocurrency lender Celsius Network will withdraw its staked Ethereum (ETH) so that creditors can distribute their shares.

According to a statement made by Celsius on social media, this "significant" development is planned to take place in the next few days.

The company will use the proceeds from staking on the Ethereum network to cover its expenses in the restructuring process.

"This significant unstaking activity over the next few days will unlock ETH for timely distributions to creditors," it said in a statement. * it was said.

Following the approval of the settlement program, Celsius began allowing eligible users to withdraw 72.5% of their cryptocurrencies.

Celsius Network faced a liquidity crisis following the events in the cryptocurrency market last year, halting withdrawals and filing for bankruptcy in July 2022.

The trial of the company's founder, Alex Mashinsky, who was arrested on fraud allegations and released on bail, will be held on September 17.

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