Celsius Network to Repay Creditors Using PayPal’s Hyperwallet

As a seasoned researcher with a knack for deciphering complex financial matters, I find the Celsius Network’s decision to use PayPal’s Hyperwallet service intriguing. The move seems strategic, addressing potential issues creditors might face with traditional wire transfers, especially considering the long wait creditors have endured thus far.


As a crypto investor, I’ve been closely following the developments with Celsius Network, the troubled lending company that filed for bankruptcy. Recently, they presented a repayment plan to the U.S. Bankruptcy Court in the Southern District of New York. This plan outlines their strategy for settling their debts. Notably, they’ve proposed using PayPal’s Hyperwallet service to manage fund distributions, which could potentially expedite the process and bring some clarity to the situation.

Today, we notified the court about Hyperwallet, which is a recently introduced USD claim distribution service offered by PayPal. For more details, please refer to this link: [Provide Link]

— Celsius (@CelsiusNetwork) August 19, 2024

Why Hyperwallet?

As a researcher, I opted for Hyperwallet as my preferred payment method, given my apprehensions regarding potential complications that some creditors could encounter with conventional wire transfers. This is particularly true when it comes to errors or omissions in transfer instructions.

As a subsidiary of PayPal, Hyperwallet allows creditors to easily convert funds between cryptocurrency and cash. The platform also provides a self-service portal where creditors can select how they want to receive their payments, based on options available in their country. 

As a researcher, I’m excited to highlight that the new payment option we’re implementing will extend its reach to 117 nations worldwide, including India, Egypt, El Salvador, and Bahrain. By embracing Hyperwallet, Celsius is aiming to eliminate delays and streamline the repayment process for creditors who have been patiently waiting for close to two years now, hoping to finally receive their funds back with greater ease.

Ongoing Legal Challenges and Recovery Efforts

Apart from focusing on its debt repayment strategy, Celsius is also actively engaged in legal proceedings aimed at retrieving additional assets.

A significant legal dispute revolves around a $3.5 billion lawsuit filed against Tether. Celsius Network asserts that Tether conducted unjust and deceptive Bitcoin transactions prior to Celsius’s collapse, which Tether’s CEO, Paolo Ardoino, has refuted, labeling the accusation as “unfounded.” He also stated that Tether is prepared to defend its position in a court of law.

In 2022, when the Celsius platform collapsed, the company took legal action against specific creditors who withdrew substantial sums of money just prior to that event.

The decisions made in these court cases will ultimately decide the amount of funds Celsius can retrieve and distribute to its lenders.

Read More

Sorry. No data so far.

2024-08-20 01:08