The US bankruptcy court in the Southern District of New York has authorized Flare airdrops to these altcoin account holders.
Owners of these altcoins will be able to receive airdrops
Eligible account holders of bankrupt crypto lender Celsius will now be able to receive an airdrop of tokens of the Flare (FLR) network. According to a court order filed Jan. 24, Chief Bankruptcy Judge Martin Glenn of the US bankruptcy court in the Southern District of New York authorized Celsius to credit eligible account holders Flare tokens to which they are entitled.
Flare network is a Layer-1 blockchain and oracle provider. Earlier this month, the blockchain distributed Flare tokens to anyone holding one or more XRP tokens during the December 2020 snapshot. XRP holders have been waiting for this distribution for over two years.
A grant distribution agreement between Celsius and the Flare network meant that XRP holders in Celsius accounts were also expected to receive the airdrop. However, Celsius filed for US Chapter 11 bankruptcy in July and therefore needed court approval to issue the tokens.
According to data from CoinGecko, Flare tokens are currently on the decline. The token reached an all-time high of 15 cents on January 10, the day after the airdrop took place. Approximately 4.28 billion tokens were distributed to buyers.
Airdrop took place
The Flare token airdrop finally took place after a two-year wait, with billions of tokens distributed to millions of buyers. The airdrop, originally scheduled for distribution in 2020, took place in the second week of 2023. The token distribution saw 4.28 billion FLR tokens shared among selected qualified buyers according to a snapshot taken in December 2020 that captured wallets holding at least 1 XRP at the time.
The 4.28 billion FLR distributed to users constitutes the project’s initial airdrop, accounting for 15% of the project’s total supply. Flare said in its announcement that the remaining 85% will be distributed over the next three years. This secondary phase deployment will continue based on a community vote within the Flare network community.
FLR token holders from today’s airdrop will be able to vote on the management proposal for secondary distribution. To do this, they will need to wrap their FLR tokens. While today’s airdrop marks the official FLR token distribution, users have been able to trade cryptocurrencies on exchanges like Bitrue and Poloniex using an IOU token. Moreover cryptocoin.comAs we mentioned, FLR is trading at $0.03, down 8% instantly.
