FAQs about USD Distributions

TABLE OF CONTENTS

• When will I receive my claim distribution in USD?
• How will I receive my claim distribution in USD? 
• I received an email asking me to complete a Wire Distribution Form on Stretto’s website. How do I know if this is valid?
• Will I need to pay fees for receiving a wire transfer?
• How do I accurately complete the Wire Transfer Form?
• Can I elect to receive my claim distribution in USD?
• Can I elect to receive my claim distribution in cryptocurrency instead of USD?
• I won’t be able to receive a check in the mail. What should I do?

When will I receive my claim distribution in USD?

USD distributions were scheduled to be distributed as soon as reasonably possible after the Effective Date of the Plan, which was January 31, 2024. However, in February 2024 there was an unexpected delay in US Dollar distributions, due to uncertainty surrounding our prior banking partner’s financial condition. It became necessary to promptly change our banking partner to ensure the continued security of the Estate’s assets. As of March 2024, USD distributions have now begun through our new banking partners and those receiving distributions will receive specific instructions by email on how those funds will be made available.

How will I receive my claim distribution in USD? 

Currently, USD distributions will be made to creditors by either a USD check in the mail or a USD wire transfer. While the majority of creditors receiving USD distributions will be sent a USD check in the mail, some creditors will have the opportunity to receive their distribution by wire transfer. Please follow the instructions in the email if you have received such a request.

We continue to evaluate options in the event an alternative distribution method is required and ask that you please initiate a support inquiry to provide more information on your particular situation.

I received an email asking me to complete a Wire Distribution Form on Stretto’s website. How do I know if this is valid?

Some creditors will have received an email from no-reply@cases-cr.stretto-services.com with instructions to complete a Wire Distribution Form on the Stretto website. This is a valid communication, but please stay alert for potential phishing attempts. 

Will I need to pay fees for receiving a wire transfer?

You may incur fees from your bank. Please contact your bank for more information. 

How do I accurately complete the Wire Transfer Form?

More more help on how to accurately complete the Wire Transfer Form, please see this article.

Can I elect to receive my claim distribution in USD?

No. Unless the address associated with your Celsius account is in a country that does not authorize the distribution of cryptocurrency based on local jurisdictional laws, or other circumstances described above apply, you will receive your claim distribution via your assigned Distribution Partner.

Can I elect to receive my claim distribution in cryptocurrency instead of USD?

No. Unless the address associated with your Celsius account is in a country that allows for the distribution of cryptocurrency based on local jurisdictional laws, or other circumstances described above apply, you will receive your claim distribution in USD.

I won’t be able to receive a check in the mail. What should I do?

We are aware that USD checks are not supported by all banks and may impact the ability for you to receive your distribution. While the majority of creditors receiving USD distributions will be sent a USD check in the mail, some creditors will have the opportunity to receive their distribution by wire transfer. Please follow the instructions in the email if you have received such a request.

We continue to evaluate options in the event an alternative distribution method is required and ask that you please initiate a support inquiry to provide more information on your particular situation.