Celsius will make a third distribution to creditors, totaling $220.6 million.

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On August 20, according to Cointelegraph, Celsius will begin the third distribution to eligible creditors, totaling $220.6 million, which will bring the cumulative recovery rate to approximately 64.9% of the claim value. BlockBeats previously reported that on May 9, Celsius founder Alex Mashinsky was sentenced to 12 years in prison for encryption fraud, with two charges resulting in sentences of 120 months and 144 months (to be served concurrently for 144 months). Alex Mashinsky agreed to forfeit $48 million and multiple properties. Before the collapse of Celsius in 2022, Alex Mashinsky repeatedly lied to investors about the safety of customer deposits. Prosecutors pointed out that he falsely claimed the platform had regulatory approval, insisted that he never issued unsecured loans (which was the opposite), and profited personally by manipulating the price of CEL Token—his illegal profits related to CEL alone exceeded $48 million.

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