赛勒斯网络将通过PayPal的Hyperwallet偿还债权人

Celsius Network, a defunct cryptocurrency lending company that has filed for bankruptcy, has presented a plan to the U.S. Bankruptcy Court in New York detailing its plan to repay its creditors. The company is planning to use the Hyperwallet service provided by PayPal to handle the distribution of funds.

In a recent development, Celsius has notified the court about the new USD claim distribution service offered by PayPal, Hyperwallet. For more information, please visit: https://t.co/lGW8mYWDxz.

Why Hyperwallet?

Celsius opted for Hyperwallet as a payment method due to concerns that some creditors might face difficulties with traditional wire transfers, especially if there are mistakes or missing details in the instructions.

As a subsidiary of PayPal, Hyperwallet enables creditors to easily convert funds between cryptocurrency and cash. It also offers a self-service portal where creditors can choose how they wish to receive their payments, based on the options available in their country.

This payment option covers 117 countries, including India, Egypt, El Salvador, and Bahrain. Celsius hopes that by using Hyperwallet, it can avoid delays and make the repayment process smoother for creditors who have been waiting nearly two years for their money to be returned.

Ongoing Legal Challenges and Recovery Efforts

In addition to working on its repayment plan, Celsius is also embroiled in legal battles to recover more funds.

One significant case involves a lawsuit against Tether for $3.5 billion. Celsius asserts that Tether participated in unfair and fraudulent Bitcoin transactions prior to Celsius's collapse. Tether's CEO, Paolo Ardoino, has refuted these claims, labeling them as baseless and stating that the company is ready to defend itself in court.

Celsius has also taken legal action against certain creditors who withdrew substantial amounts of money shortly before the platform's collapse in 2022.

The resolution of these legal cases will determine how much additional money Celsius can recover and distribute to its creditors.

Additional Read: Celsius Creditors Advocate for Fair Share Following a 35% Reduction in Payouts