Breaking: Celsius Network Taps Hyperwallet For Fund Distribution

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.

This is a developing story, please check back for updates!!!

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