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