General FAQs on Custody Distributions

Modified on Tue, 09 Apr 2024 at 03:01 PM


I cannot open the Celsius app anymore, and I never got my assets back. What do I do in this situation?

The Celsius app being shut down has had no impact on distributions to creditors.


On February 29, 2024, the Celsius app was shut down, as a part of the winding down of its business operations, as detailed in the Plan of Reorganization. Creditors should reference their emails from Stretto with more details on their claim, as creditor recoveries are highly individualized and dependent on a variety of factors. 


While former Custody account holders, or users with Post-Petition deposits, with eligible balances to withdraw have missed the window to withdraw their assets in-kind, there is more detail in this FAQ on how a distribution will be made to them in the event of inaction to timely withdraw their Custody assets. 


Former Earn account holders, who have not been able to utilize most features of the Celsius app for some time, are receiving their distribution via a Distribution Partner such as PayPal/Venmo or Coinbase.


If you have not received communication about your distribution, or believe that your personal information previously on file with your Celsius account was incorrect, please initiate a support inquiry.


What happens to my Custody assets if I did not withdraw them from the Celsius app before it closed?

If you did not request to withdraw your eligible Custody assets by February 28, 2024, these assets were converted to BTC/ETH as described in the Plan. Your distribution will be made through an assigned Distribution Partner and you will receive further communication about this process via email.


If your total Custody assets convert to less than $10 USD and you did not withdraw such assets from your Celsius account before the Celsius app closure, such assets will not be distributed and will instead be returned to the Estate.


Any distribution that is unclaimed or otherwise remains undeliverable for one year after the first attempt to deliver, shall be treated as unclaimed property under the Plan and returned to the Estate for future distributions made under the Plan to eligible creditors.


I want to receive my Custody assets in-kind, not in BTC/ETH or USD. How can I get them back?

The deadline to withdraw Custody assets in-kind has passed (February 28, 2024). As described in the Plan [Docket №4289], these assets were converted into BTC/ETH and are being distributed via a Distribution Partner such as PayPal/Venmo or Coinbase.


Stretto and Celsius are continuing to provide customer support resources to former Celsius account holders. Changes to your personal information can still be made through customer support - such as name changes, address updates, date of birth corrections, or required updates to your contact information. If you believe your personal information with your Celsius account was incorrect, please initiate a support inquiry.


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