.CelsiusNetwork has settled with some of its shareholders over the sale of GK8 as the crypto lender's bankruptcy hearing looms. thesamreynolds reports.
Bankrupt crypto lender Celsius, its creditors, and its Series B holders have agreed on a settlement to distribute $25 million from the proceeds of the sale of GK8 to the shareholders, with $24 million allocated for legal expenses and $1 million to be distributed amongst the group.
Self-custody platform GK8 was sold to Galaxy Digital as part of Celsius’ bankruptcy proceedings, and while the exact details of the sale were not disclosed, Galaxy spokesman Michael WursthornThe bankrupt crypto lender in November 2021. Growth equity firm Westcap and one of Quebec’s pension funds led the round, which was oversubscribed, expanding the raise from $400 million to $750 million.that the $24 million allocated does not cover the entirety of their legal expenses, and another said that the $1 million represents an unfair “windfall” for a certain group.
following an investigation into the company's collapse, and the bankrupt lender is being sued by the U.S. Securities and Exchange Commission , Commodity Futures Trading Commission and Federal Trade Commission .
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