February 5, 2023

New York court allows distribution of Flare tokens to Celsius customers

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New York court allows distribution of Flare tokens to Celsius customers

The Bankruptcy Court for the Southern District of New York authorized the distribution of Flare tokens to Celsius customers who held at least 1 XPR token in their accounts.

After two years of delays, complicatedFollowing the bankruptcy of crypto lender Celsius, Chief Bankruptcy Judge Martin Glenn in the Southern District of New York gave permission to the company to credit eligible XRP Flare token holders.

Originally scheduled for distribution inThe 2020 airdrop of 4.28 billion Flare tokens, 15% of the project's total supply, took place this week. The remaining 85% is to be distributed over the next three years.

According to CoinMarketCap, Flare is currently trading at around $0.35 with a trading volume of $15.4 million in the last 24 hours of USD.

New York court allows distribution of Flare tokens to Celsius customers

In 2022, the Flare Network and Algorand Foundation reported
on the conclusion of a partnership agreement with the aim ofdevelopment of an inter-network bridge connecting the Algorand blockchain with the Bitcoin ecosystem. It was planned that the bridge would be designed using Flare cross-chain protocols.