Bankrupt digital currency lending platform, Celsius Network has filed a notice with the court regarding its creditor fund distribution plans. The firm’s lawyers in a filing shared with the United States Bankruptcy Court for the Southern District of New York plans to leverage PayPal’s Hyperwallet services to repay creditors.
Celsius Network and the Creditor Focus
Per the details contained in the filing, the bankrupt firm said its chose the Hyperwallet because of the difficulty some creditors might face via wire transfers. As a PayPal subsidiary, the protocol can also help streamline the movement of funds from crypto to cash and vice versa.
Following its implosion, the bankrupt firm has made a number of efforts to recoup funds to repay its creditors. Recently, the firm sued Tether for $2.4 billion over some Bitcoin transactions prior to its downfall.
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Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
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