As the bankruptcy of the firm is now officially closed, Celsius will send out more than 3 billion dollars to its creditors.

In a statement released on Wednesday, the company stated that creditors would also receive a share in the newly-formed Ionic Digital Inc. mine operation. After 18 months of bankruptcy court proceedings, 98% Celsius Network creditors approved the plan. Ionic will become a publicly-traded company after it receives all approvals.

In a press release, David Barse, Alan Carr and the members of the special committee that guided the bankruptcy said: “When we appointed in June 2022 everyone assumed Celsius would completely disappear like other crypto lenders who were filing bankruptcy at the same time.”

They claimed to have managed to secure the cryptocurrency of the platform, negotiate with creditors, reorganize a part of the business that was viable and settle cases with the U.S. Department of Justice Securities and Exchange Commission and Commodity Futures Trading Commission.

In a filing the company said that Coinbase and PayPal will distribute the cryptocurrency. The debtors will not be able to receive any distributions via their mobile or web apps, which are scheduled to shut down around February 28.

The crypto lender Celsius also settled with U.S. authorities for $4.7 billion over fraud allegations during its bankruptcy process. Former CEO Alex Mashinsky, who resigned from the lender in September 2022, was arrested for fraud. He is accused of manipulating the CEL token’s price, which he denies.

Mashinsky’s assets in banking and real estate were frozen by a court after he was released with a bond of $40 million. His trial is set for September 2024.

Read more: Celsius Bankruptcy Plan Approved By Court; Implementation by Early 2020

Aoyon A. Ashraf is the editor.