Option to Convert Cryptocurrency Distributions to USD

The Crypto to USD Conversion Form is being offered to creditors who may be experiencing issues at their current distribution partner due to various reasons. Creditors with an unredeemed claim now have the option to convert their distribution from Cryptocurrency to US dollars (USD). 

More information about this option can be found in this notice to the Court: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174909272480000000064.pdf

TABLE OF CONTENTS

• What is the process I can expect after opting to convert my cryptocurrency distribution to US dollars (USD)?
• I want to convert my distribution to USD, but I can’t receive a wire or check. What are my options?
• I recently moved and want to make sure I receive my USD distribution to the new address. What should I do?
• I don’t have a bank account set up in my name. How can I receive USD?
• How will the rates for conversion from cryptocurrency to USD be determined?

What is the process I can expect after opting to convert my cryptocurrency distribution to US dollars (USD)?

Creditors who choose to convert their Cryptocurrency distribution to USD can elect from three USD distribution methods: (a) Hyperwallet, (b) check, or (c) wire transfer. Celsius will try to accommodate a creditor’s election, but cannot guarantee their preferred method will be available. For example, a creditor might not be able to use Hyperwallet or might have trouble cashing a USD check in their jurisdiction.

To receive a USD distribution, creditors will need to provide additional information depending on their preferred USD distribution method. For instance, they might need to provide a mailing address for a check, KYC information for Hyperwallet, or wire transfer instructions. Please follow the instructions outlined in the Conversion Form.

Please note that USD distributions could be delayed if the provided information is incorrect or insufficient, if there are issues with banks involved, or if other issues arise.

I want to convert my distribution to USD, but I can’t receive a wire or check. What are my options?

If you are located in an eligible jurisdiction, a USD distribution can be made via Hyperwallet, which facilitates the transfer of USD to a corresponding PayPal account for the creditor.

If you are not eligible for Hyperwallet, we will continue to evaluate distribution options for you. Currently Hyperwallet, check, or wire transfer are the only USD distribution options available at this time.

I recently moved and want to make sure I receive my USD distribution to the new address. What should I do?

Please select “I elect to convert my distribution and receive USD by receiving a check in the mail.” in Item 2 of the conversion form, and provide the updated mailing address where indicated in the form. Note that if the address that you provide is different from the address on file, you may need to provide proof of address documentation. 

I don’t have a bank account set up in my name. How can I receive USD?

All creditor distributions must be made to the named creditor. If you wish to receive a USD distribution, a wire transfer or check must be made to the named creditor, or a transfer can be initiated via Hyperwallet, a service of PayPal, to the named creditor.

How will the rates for conversion from cryptocurrency to USD be determined?

Cryptocurrency to USD conversion distributions will use market prices as close to the distribution date as practical. This means BTC and ETH will be sold close to the time of the USD distribution to reflect current market prices, instead of using a fixed date for all distributions.