Bankrupt Celsius to spend $24M from GK8 sale on legal expenses

Bought by Celsius for $115 million in 2021, GK8 will now cost roughly the amount of Celsius’ legal fees as part of its bankruptcy process. 💸

Bankrupt cryptocurrency lending firm Celsius has requested the court to grant relief in the motion related to the distribution of funds from its sale of the self-custody platform GK8.a filing stating that its Series B holders have agreed on a settlement to distribute $25 million from the proceeds of GK8’s sale.

According to the document, the shareholders proposed allocating $24 million for legal expenses and the remaining $1 million to be distributed among the holders.

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