Unclaimed Property

Modified on Wed, Feb 19 at 1:29 PM

On February 12, 2025, the Court issued an Order approving certain procedures regarding the forfeiture of unclaimed property in the Celsius bankruptcy case, including certain deadlines for creditors to claim their distributions. That Order can be found here: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174902122580000000109.pdf

The Order approved and set the below deadlines for certain creditors to contact Celsius to avoid forfeiture of their unclaimed claim distributions:

Creditors whose claim distributions were initially attempted on or before February 29, 2024, will have until March 31, 2025 to either redeem their claim distribution or open a ticket with Celsius Distributions Support. Affected creditors will be notified by Celsius via e-mail of this deadline and of the steps they need to take to avoid forfeiture. Creditors who open a ticket by March 31, 2025 will need to respond to any subsequent requests for information from Celsius by June 30, 2025, or else their claim distributions will be forfeited.
Similarly, creditors whose claim distributions were attempted after February 2024 will receive an e-mail from Celsius notifying them of the deadline to complete the redemption process or contact Celsius and provide any required information needed so a distribution can be re-attempted. The deadline will be at least one year after the e-mail from Celsius, and if the required action is not taken by the deadline, the applicable claim distributions will be forfeited.
Lastly, creditors who have not had a claim distribution attempted, and have been unresponsive to Celsius’ requests for more information needed to attempt a claim distribution will receive an e-mail from Celsius notifying them of the deadline to contact Celsius and provide any information needed so a distribution can be attempted. That deadline will be at least 90 days after the e-mail is sent. If the required information is not provided before the deadline, the applicable claim distributions will be forfeited.

After these deadlines, Celsius is authorized to cancel applicable claims, and the funds will be redistributed as set forth in the Order. The Order also approves the notices and procedures Celsius will use to inform creditors about these deadlines and potential forfeitures.

TABLE OF CONTENTS

What is the purpose of the Unclaimed Distribution Forfeiture Procedures?
Which creditors have potentially unclaimed property?
What is the deadline for creditors to take action in claiming their distributions?
What do I need to do to prevent forfeiture?
What information do I need to provide when opening a support ticket?
I don’t have access to my original email address used for my Celsius account, how do I open a support ticket to prevent forfeiture?
Do I only need to open a support ticket to ensure my claim distribution is not forfeited?
What if I submitted a support ticket but haven't heard back?
What happens if a creditor does not claim their distribution or open a support ticket by the deadline?
What happens to the funds from forfeited claims?
How do I know if I have unclaimed property?
What if I received a partial distribution but there is still an outstanding amount unclaimed?
Will I receive any reminders before the final deadlines?
Is there a phone number I can call for assistance, or is the support ticket the only option?
How can I verify that an email is genuinely from Celsius Distributions Support and not a phishing attempt?
What should I do if I suspect I've received a phishing email related to Celsius distributions?
Where can I find the full legal documents related to the Unclaimed Distribution Forfeiture Procedures?
What does "Wind Down Expenses" mean in the context of where the forfeited funds might go?
I still don’t understand what I need to do to redeem my claim distribution - why can’t you help me figure this out now?

What is the purpose of the Unclaimed Distribution Forfeiture Procedures?

One year after the Effective Date of the Plan, Celsius has distributed a significant sum of funds to creditors, but a considerable amount remains unclaimed. Most of the remaining unclaimed

funds are owed to creditors who are not taking any action to claim their funds or provide Celsius

with the needed information necessary to attempt a distribution. To address this, Celsius proposed and the Court approved specific procedures and deadlines for creditors to claim distributions. Creditors who fail to claim their distributions by the set deadlines will forfeit their claims, and the unclaimed funds will be redistributed to other creditors or used for Wind Down

Expenses. This is to ensure efficient distribution and prevent funds from remaining unclaimed indefinitely. These procedures aim to:

Notify creditors of the potential forfeiture of their claims.
Provide clear steps and deadlines for creditors who are simply having trouble successfully claiming their distributions to work to claim their distributions and avoid forfeiture, while having claims forfeited by creditors who are not taking necessary actions to claim their distributions.
Efficiently manage and redistribute unclaimed funds and ensure that these funds do not remain unclaimed indefinitely.

Which creditors have potentially unclaimed property?

February 2024 Distribution Creditors: Creditors whose initial distribution was attempted on or before February 29, 2024, but have not yet redeemed their initial distribution or opened a ticket with Celsius Distributions Support.
Post-February 2024 Distribution Creditors: Creditors whose initial distribution was attempted after February 29, 2024, but they have not yet redeemed it or opened a ticket with Celsius Distributions Support.
Unresponsive Creditors: These are creditors whose distribution cannot be attempted or re-attempted because they have not responded to Celsius' requests for necessary information, such as AML/KYC compliance, wire transfer information, or address verification.

Any creditor in each of these three groups will receive an e-mail from Celsius informing them of the applicable deadline. To find distribution attempt notifications, including when a distribution has been attempted, or to locate instructions of the information required by you, please review your inbox and spam folders for any communications from approved email addresses, particularly:

Any creditor that is concerned that their Claim could be forfeited should open a ticket with Celsius Distributions Support to ensure that they do not forfeit their Claim.

What is the deadline for creditors to take action in claiming their distributions?

The deadlines for creditors to claim their distributions vary depending on when the initial distribution was attempted and whether the creditor has responded to Celsius’ requests for information. Here's a breakdown:

February 2024 Distribution Creditors: (creditors whose initial distribution was attempted on or before February 29, 2024): The deadline to open a support ticket is March 31, 2025. If such creditor opens a support ticket by March 31, 2025, they shall have until June 30, 2025, to either complete the redemption process or provide Celsius the information necessary to reattempt their distribution.
Post-February 2024 Distribution Creditors (creditors whose initial distribution was attempted after February 29, 2024): These creditors will receive a notice of their specific creditors will receive a notice of their specific deadline to open a support ticket, but this deadline is expected to be one year from the date the applicable Unredeemed Distribution Email is sent to the creditor.
Unresponsive Creditors: The deadline to open a support ticket and provide the requested information, which deadline will be at least 90 days after the Unresponsive Creditor Email is sent to the creditor.

What do I need to do to prevent forfeiture?

To prevent forfeiture of any unclaimed distribution, follow the steps most recently communicated to you by Celsius to redeem your claim distribution. Later in this FAQ there are specific troubleshooting tips for each Distribution Partner.

If you are having difficulty redeeming your distribution or need more help, and you want to prevent forfeiture of your claim distribution, you must open a ticket with Celsius Distributions Support, selecting “I need to claim potentially Unclaimed Property.” The ticket must be opened using the same email address on file for the creditor, otherwise the unclaimed property may still be subject to forfeiture. Besides redeeming an unclaimed distribution, opening a ticket within the Celsius Distributions Support ticketing system is the only method recognized by the Order to prevent forfeiture of funds.

What information do I need to provide when opening a support ticket?

The support ticket must be opened using the same email address associated with the creditor’s Celsius account. If this step is not taken, your ticket will not be associated with your distribution and the system will not recognize the action to avoid forfeiture. Within the ticket, the creditor should explain why they have not redeemed their claim distribution so that the Distributions Support team can make reasonable efforts to help solve the issues preventing the redemption of the distribution.

I don’t have access to my original email address used for my Celsius account, how do I open a support ticket to prevent forfeiture?

The ticket must be opened using the same email address on file for the creditor, otherwise the unclaimed property may still be subject to forfeiture.

If you cannot identify the email address or it needs to be updated, please open a separate support ticket to request an Email Address update by selecting "I need to update my Personal Information" and "My Email Address needs to be updated." If possible, reference the original account email address on file within the body of your ticket submission.

Do I only need to open a support ticket to ensure my claim distribution is not forfeited?

Opening a support ticket by the claim deadline set forth in the e-mail you receive from Celsius temporarily preserves a creditor's claim from forfeiture. However, creditors must also follow up on any requests for information from Celsius Distributions Support that are needed in order for Celsius to successfully make a distribution to you. Failure to respond to these supplemental requests by June 30, 2025 or other such date as communicated to you will result in forfeiture. Even if a creditor has been in communication with Celsius Distributions Support, they may still forfeit their claim if they fail to respond to further requests after this date.

What if I submitted a support ticket but haven't heard back?

If you have opened a support ticket following the steps above, please refrain from opening more support tickets as it will only clog the system and delay responses to all creditors. Celsius will issue an email to you acknowledging that you have taken action and delayed forfeiture by the March 31, 2025 deadline, and provide more information on what action you need to take or the information you need to provide by June 30, 2025 or such other date as communicated to you.

What happens if a creditor does not claim their distribution or open a support ticket by the deadline?

If a creditor does not claim their distribution or open a support ticket by the applicable deadline, their claim will be forfeited and the creditor will not receive any subsequent distributions.

What happens to the funds from forfeited claims?

If a creditor's claim is forfeited, the funds from that claim will be redistributed to other creditors who have valid claims or used to fund Wind Down Expenses.

How do I know if I have unclaimed property?

If you have been identified as having unclaimed property, you will be notified by email of the next steps required of you. Any creditor who still has an unclaimed distribution will have access to the Celsius Claims Portal, which provides creditors with the ability to view and update important information regarding their claim distribution(s). Through the Celsius Claims Portal, creditors can view their claim distribution history and claim code information, re-verify their identity, and access tools to submit required claim distribution information (e.g., banking or mailing address information if applicable). Log in to the Celsius Claims Portal using your Celsius account email by clicking here. You will receive an email with a one-time code for access.

What if I received a partial distribution but there is still an outstanding amount unclaimed?

For some creditors, claim distributions have been processed in more than one transaction. For example, creditors who received cryptocurrency at PayPal or Venmo may have received one amount in BTC and a second amount in ETH. If a creditor has only redeemed one of the two distributions, that second distribution will be subject to forfeiture if action is not taken by the creditor to either claim the distribution or open a ticket with Celsius Distributions Support by the deadlines ordered by the Court.

Will I receive any reminders before the final deadlines?

Celsius will use multiple communication channels to inform creditors of final deadlines, including court docket postings, emails to creditor accounts, paper mail for those with missing or invalid email addresses, and social media announcements. Despite these extensive efforts, some creditors may still miss deadlines if they do not monitor these official correspondence channels. To further raise awareness, Celsius intends to send email reminders as the deadlines approach.

Is there a phone number I can call for assistance, or is the support ticket the only option?

There is no phone number or direct email address for assistance. The only recognized method to avoid forfeiture of unclaimed claim distributions is to open a ticket with Celsius Distributions Support, selecting “I need to claim potentially Unclaimed Property.” The ticket must be opened using the same email address on file for the creditor, otherwise the unclaimed property may still be subject to forfeiture.

How can I verify that an email is genuinely from Celsius Distributions Support and not a phishing attempt?

After opening a ticket with Celsius Distributions Support, any responses to your ticket will come from [email protected]. We suggest that you add this email address to your Contacts to avoid missing these emails.

To find distribution attempt notifications, or to locate instructions of the information required by you, please review your inbox and spam folders for any communications from:

A full list of approved email addresses and domains can be found here.

If you see any suspicious website domains or receive any uncorroborated email, text message, or telephone call purporting to be from Celsius or their advisors claiming that withdrawals are available or requesting account information, personal information, or payment, we request that you please immediately open a ticket with Celsius Distributions Support, selecting “I have a security concern” and then “I’ve received a phishing/scam email.”

The notice of the Motion can be found here: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174901302580000000020.pdf

The notice of the Order can be found here: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174902122580000000109.pdf

What does "Wind Down Expenses" mean in the context of where the forfeited funds might go?

“Wind Down Expenses” are all necessary costs and reasonable expenses incurred or to be incurred by Celsius and its affiliated entities in winding down and terminating operations.

I still don’t understand what I need to do to redeem my claim distribution - why can’t you help me figure this out now?

Please see this guidelines article, updated in February 2025 for creditors who still have unclaimed distributions: Guide to Redeeming Eligible Claim Distributions