💵🗓 Equities First pays only $92.5M, 5th Distribution likely not to come this year and #IonicDigital puts creditors recovery now at 124%! As I previously reported on the estate’s $500M settlement with Equities First, I underlined that it stated “payments”, which made it logical to conclude this was a series of transfers. Today with the new admin report you can see @EquitiesFirst paid $92.5M and it mentions periodic payments. AFAIK the information about the cadence of these payment is not public. If these are quarterly payments then by next year it will be finished; if they are yearly payments, then you could be waiting for the next 5 years for all distributions to be completed. Because the payment was small, and assuming this is a yearly payment (and even if it is a quarterly payment), a new distribution is likely only to happen next year. As the estate has kept roughly $127M in their balances after distributions, even if all reserves are unlocked and $91M are released (which is doubtful due to disputed claims), you are left with $168M, a little more than 3%. 🕐A look back at the costs of the litigation and the bankruptcy.. Today, 2 years have passed since emergence, the litigation actions have recovered $889M including a sizable number of clawbacks, but of that 33% ($292.29M) has gone to lawyers, the 7 member LOC, and their expenses. While the cost of the bankruptcy pre-emergence sat at $173.8M, and the cost of maintaining the estate post bankruptcy sits at $96M (including running the skeleton crew of Celsius Network running the claims portal & helping with customer support and distributions). This means creditors in one way or another paid $562M! While the clawbacks so far have only provided $191.5M in revenues. Of course the bankruptcy process also helps with litigations like that of Tether ($299M). 🚀#CelsiusNetwork beats FTX(104%) with the largest dollarized recovery at 124.5% thanks to #IonicDigital Thanks to the UCC(@ThomasADiFiore & @Silkee_D) and part of the community who stressed they wanted a public company rather than continue selling the Bitcoin mining assets at the bottom, the Ionic Digital spin-off originally given at $20 now trades at $70, a x3.5 return! This means if you just HODL your distributed crypto, your BTC would roughly be at +30%, your Eth down -28% and your Ionic shares up +350%! All Distributed Recoveries: Initial distribution -> 57.65% Ionic Digital Shares -> 52.29% (14.94% at emergence) 2nd Distribution -> 2.53% - 2.75%(due to calculation error) 3rd Distribution -> 4.5% 4th Distribution -> 7.2%($ distribution), 6.2%(BTC distribution) Sources Below👇

NEW: Visa is in late-stage talks to acquire crypto custody and stablecoin infrastructure firm Fireblocks for around $2.5 billion, according to Axios. The potential deal comes as traditional financial institutions expand their involvement in stablecoin infrastructure.

Security Update: We are responding to a security incident affecting part of our infrastructure. At this time, we have identified no immediate threat to MetaMask wallets. As a precaution, we are proactively exiting affected validators within our non-custodial staking operations, in coordination with clients, partners and security advisors. We’ll share further updates as appropriate. metamask.io/news/user-update…

THE BLOCK: Hut 8 $HUT emerged as the winning bidder for Poolin’s two Texas data center sites with a $140 million offer, nearly tripling the original $52 million combined floor bid. The former mining-pool giant filed for bankruptcy in July with around $173 million in debt, including nearly $164 million owed to wallet users.

Alex Mashinsky is trying to get his 12-year prison sentence vacated or reduced. One argument is that losses to Celsius creditors were overstated because creditors have recovered close to 100% of their bankruptcy claim value, with more potentially to come. This needs context. Because my Celsius claim was put into the public court record, I’ll use my own case to show the difference between bankruptcy recovery and actual economic recovery. Normally I’d keep this private. I’m deliberately rounding everything and using Bitcoin equivalents rather than precise asset and distribution amounts for security reasons. For context, this wasn’t my entire Bitcoin position. I was testing Celsius as a way to borrow against Bitcoin rather than sell it. At bankruptcy, Celsius converted everybody’s crypto into a dollar claim. My bankruptcy claim was about $15m, based on 2022 bankruptcy-date prices. That’s the number the court measures recovery against. Had Celsius never happened and I simply held the original assets, those same assets would be worth roughly $55m today. The assets I’ve actually recovered are worth roughly $25.5m today. At the official bankruptcy BTC price of ~$19,881, that represented about 790 BTC-equivalent. Rather than publishing exact crypto distributions, I’ll give the current economic value: ~$25.5m That includes crypto distributions plus my Ionic Digital shares at current market value. Here’s an important detail. $IOND was distributed at a Plan valuation of $20/share. It’s now trading around $83. Ionic Digital began as the Bitcoin miner created through the Celsius restructuring and subsequently pivoted toward AI/HPC infrastructure. So a significant part of my recovery comes from IOND appreciating more than 4x, not Celsius returning additional assets. Even giving the recovery full credit for that appreciation: Economic recovery: ~46.5% of what I’d have if Celsius never happened. Yet bankruptcy accounting can simultaneously say I’ve recovered roughly 87% of my dollarized bankruptcy claim. Both can technically be true. That’s the distinction Celsius creditors need to understand. Our Bitcoin was converted into dollar claims using bankruptcy-date prices. Bitcoin and ETH subsequently went up. IOND went up significantly too. Recovering 100 cents on your bankruptcy dollar does NOT mean recovering 100% of the assets you lost. In my case: Bankruptcy accounting: ~87% recovered Economic reality vs HODLing: ~46.5% recovered And that 46.5% already gives full credit to IOND at today’s much higher valuation. There are still recoveries to come. The estate has hundreds of millions in net assets/recovery proceeds, plus unresolved litigation and illiquid assets. I estimate I could receive another $1m-$2m, depending on litigation outcomes and costs. So yes, Celsius creditors could ultimately approach 100% of their bankruptcy claim. That still doesn’t make creditors economically whole. Another ~$2m would put my recovery around ~$27.5m versus ~$55m had Celsius never happened. Approximately half. This matters because Mashinsky is using creditor recoveries to argue that the economic loss underlying his sentence was overstated. Separately, he’s pursuing claims worth billions against the FTX estate. Those are two different legal tracks. If you’re a Celsius creditor, you can calculate your own economic recovery: A. Value today the assets you had at bankruptcy. B. Value today everything you’ve actually recovered, including crypto, $IOND and cash. C. Keep estimated future distributions separate. D. Divide B by A. That’s your approximate economic recovery. Compare it with the percentage of your bankruptcy dollar claim the court says you’ve recovered. They’re very different numbers. The bankruptcy process may eventually tell us we recovered close to 100%. That doesn’t mean creditors were made whole My numbers demonstrate the difference

Our third-party e-mail provider has been breached. Please be aware that the email named ‘Critical Security Alert: STM32 Entropy Vulnerability’ is not coming from us, and it’s a phishing attempt. Do not click on any link. We have taken down the domain, and we are investigating the situation, including how the hackers got access to our legit domain.

Our third-party e-mail provider has been breached. Please be aware that the email named ‘Critical Security Alert: STM32 Entropy Vulnerability’ is not coming from us, and it’s a phishing attempt. Do not click on any link. We have taken down the domain, and we are investigating the situation, including how the hackers got access to our legit domain.

$IREN NEWS UPDATE 🔥🔥🔥 Texas has approved its first 765 kV lines … 400+ miles across 30+ counties to fix the West Texas power deficit. IREN’s 2 GW Sweetwater campus sits in that corridor and is already energized. That’s more transfer capacity, less grid-bottleneck risk, and a clearer path to scale a site that’s already live. Highest-voltage lines in Texas history, pointed at the exact region IREN is building. Energised campus + new backbone = the setup. $IREN 🚀🚀🚀 Coverage:
texastribune.org/2026/08/28/…
dallasnews.com/business/ener…
thetexasdispatch.com/puct-ap…