Cryptocurrency

Celsius gets approval to airdrop Flare tokens to eligible accounts

A US bankruptcy court has authorized Celsius to distribute Flare token airdrops to eligible account holders.

Flare Network is a layer 1 protocol that connects distributed data across chains. The protocol has promised to airdrop her Flare Native Token (FLR) to wallets holding at least one of her XRP tokens as of December 12, 2020.

The first batch of 4.28 billion FLR tokens was distributed to eligible account holders on January 9, 2023, approximately two years later.

However, XRP holders on the Celsius platform have not yet received their quota as the crypto lender is proceeding with bankruptcy proceedings.

After due consideration by Bankruptcy Judge Martin Glenn, Celsius has been authorized to deposit Flair Tokens to eligible account holders.

Celsius will be crediting account holders who held XRP on the platform during the December 2020 XRP snapshot with a projected amount of Flair tokens.

As made clear in Court submission On January 24th, Celsius will distribute approximately 150 million FLR tokens directly to eligible creditors.

According to CryptoSlate data, the Flare Token (FLR) is trading at $0.043, down 0.61% over the past 24 hours.

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