Celsius Network, a bankrupt cryptocurrency firm, asked the court to grant relief in the motion related to the distribution of funds from GK8, its sale of the self-custody platform, stated Cointelegraph.
Sources revealed that on July 17, 2023, the Celsius Network’s borrower proposed a filing mentioning that its Series B holders had reached a settlement. It is expected that they will share about $25 million from the proceeds of GK8’s sale, Cointelegraph added.
With insights from the document, the shareholders proposed allocating about $24 million for legal expenses and the remaining one million dollars for sharing among the holders, Cointelegraph highlighted.
According to the court document, “The settlement unlocks tremendous value for the debtors’ creditors and affords the debtors and all parties priceless certainty of the way forward. For the reasons set forth herein and the motion, the court should overrule the objections and grant the relief requested in the motion,” Cointelegraph concluded.
(With insights from Cointelegraph)