Celsius gets approval to airdrop Flare tokens to eligible accounts
Celsius will distribute roughly 150 million FLR tokens to eligible creditors.
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.