Celsius gets approval to airdrop Flare tokens to eligible accounts Celsius gets approval to airdrop Flare tokens to eligible accounts
Celsius will distribute roughly 150 million FLR tokens to eligible creditors.
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Updated: Jan. 25, 2023 at 12:10 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. bankruptcy court has authorized Celsius to distribute Flare token airdrops to eligible account holders.
Flare Network is a Layer-1 protocol that connects decentralized data between chains. The protocol had committed to airdrop Flare native tokens (FLR) to wallets holding at least 1 XRP token as of Dec. 12, 2020.
The first batch of 4.28 billion FLR tokens was distributed to eligible account holders about two years later, on Jan. 9, 2023.
However, XRP holders on the Celsius platform are yet to receive their allocations due to the crypto lender’s ongoing bankruptcy process.
Following due consideration by bankruptcy Judge Martin Glenn, Celsius has been authorized to credit the Flare tokens to eligible account holders.
Celsius is expected to credit the due amount of Flare tokens to account holders who held XRP on the platform during the December 2020 XRP snapshot.
As revealed in the court filing on Jan. 24 Celsius will distribute about 150 million FLR tokens directly to eligible creditors.
According to CryptoSlate data, the Flare token (FLR) is trading at $0.043, recording a 0.61% decline in the last 24 hours.
Mentioned in this article
Posted In: Tokens
Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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XRP
$2.27463
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Flare Network
Flare Network, with its native FLR token, aims to bring smart contract capabilities to various blockchain networks, starting with XRP and then Litecoin (LTC).
