In August 2025, a third distribution of $220.6 million was made available to eligible creditors. A notice with information can be found here: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174908192580000000077.pdf.
Important notes for creditors eligible for this distribution:
If you are assigned to receive your third distribution by check but your mailing address has changed since the last distribution, please update the ‘Personal Information’ tab in the Celsius Claims Portal. Any requests to change these details within the Claims Portal will trigger a KYC verification, please follow the steps when prompted.
If you are assigned to receive your third distribution by wire transfer but your details have changed since the last distribution, please complete a new Wire Transfer Form in the Celsius Claims Portal.
We have seen an increase in phishing attempts toward creditors, often linking to fake distribution portals or providing one-time access codes. Do not trust these scams, many of which ask creditors to claim "additional remaining crypto distributions." Verify the legitimacy of any email by confirming it is sent from one of the email addresses referenced in this article: Phishing & Approved Domains, which includes tips to protect against phishing attempts. If you receive a suspicious message or login code request, do not click any links or provide personal information. Celsius or its advisors will never contact you directly by phone, text message, or social media to request account or personal information absent an order or on-the-record instruction by the Court.
FAQ - TABLE OF CONTENTS
If I am eligible to receive the third distribution, why is my distribution held back?
How will I be notified about the details of my third distribution?
I still haven’t gotten any distributions. Will I get the third distribution?
I cannot receive any of my cryptocurrency distributions - what do I do?
If my information has changed, does this impact my Distribution Partner?
I was originally assigned to receive cryptocurrency at Coinbase but did not receive my first or second distribution and can no longer be serviced at Coinbase. What happens to my distributions?
Why am I being asked to complete another AML/KYC Compliance identity verification?
Who is eligible to receive the third distribution?
Under the Plan of Reorganization, creditors in Class 2 (Retail Borrower Deposit Claims), Class 5 (General Earn Claims), Class 7 (Withhold Claims), Class 8 (Unsecured Loan Claims), and Class 9 (General Unsecured Claims) (collectively, the “Eligible Creditors,” and each, an “Eligible Creditor”) may be entitled to receive a third distribution.
Who is not eligible to receive the third distribution?
Creditors with claims that are not entitled to Illiquid Recovery Rights, including creditors with claims in Class 4 (Convenience Claims), Class 6A (General Custody Claims), Class 6B (Withdrawable Custody Claims), and Class 11 (De Minimis Claims) are not eligible for this distribution. Any creditors whose claims have been forfeit are not eligible for this distribution.
If I am eligible to receive the third distribution, why is my distribution held back?
Some eligible creditors hold claims that are not eligible for distributions under the Plan at this time. Distributions cannot be made to creditors with the following conditions:
- The Litigation Administrator has not resolved a litigation-related issue, such as withdrawal preference disputes or other legal issues.
- The creditor has opted out of the Class Claim Settlement when voting on the Plan and filed a proof of claim.
- The creditor’s account is missing information required to complete a compliance review.
- The creditor is located in a jurisdiction where regulations or sanctions prevent the distribution of cryptocurrency or USD to a creditor or the creditor’s location.
If a creditor’s claim is not yet allowed and such creditor was scheduled to receive cryptocurrency as of the Effective Date or is an Eligible Corporate Creditor, Celsius will hold cryptocurrency on account of such creditor’s claims that are not currently allowed. If the creditor was scheduled to receive USD as of the Effective Date, Celsius will hold USD on account of such creditor’s claims that are not currently allowed.
Once the issue holding back the distribution is resolved, or the Litigation Administrator otherwise notifies the Plan Administrator that a claim is allowed, a distribution will be attempted on account of such newly allowed claim on the quarterly distribution schedule. However, there may be a delay as distributions are processed in batches.
If regulations or sanctions prevent distributing cryptocurrency and USD to a creditor or to such a creditor's location, that creditor will not receive a distribution at this time.
Which creditors will receive cryptocurrency?
Creditors who are currently scheduled to receive a cryptocurrency distribution through PayPal or Coinbase will receive their third distribution in cryptocurrency. Coinbase can only facilitate a distribution if the creditor already received a distribution at Coinbase by November 25, 2024.
Eligible corporate creditors who successfully received cryptocurrency at Coinbase following the Corporate Creditor Settlement Order will also receive their third distribution in cryptocurrency.
What cryptocurrency is being distributed?
Similar to the second distribution, creditors who are assigned to receive cryptocurrency will receive BTC (Bitcoin). As part of this distribution, Celsius will not be distributing ETH, only BTC.
Which creditors will receive USD?
Creditors will receive their distributions in USD if PayPal, Venmo, or Coinbase cannot reasonably facilitate a cryptocurrency distribution, or if the creditor previously opted for a USD distribution by completing the Distribution Conversion Form. USD distributions are facilitated by Hyperwallet, via physical check to the creditor’s mailing address, or via a bank wire transfer. Creditors receiving a USD distribution are required to complete KYC, confirm their mailing address can receive a USD check, or provide their banking information in the Celsius Claims Portal.
How will I be notified about the details of my third distribution?
Creditors assigned to a cryptocurrency distribution via PayPal or Venmo will receive an email with instructions on how to redeem their third distribution. Creditors assigned to receive cryptocurrency via Coinbase will receive an email with the notification of a successful distribution, or if their distribution cannot be completed. Creditors may request to receive their third distribution (and any future distributions) in USD if no Distribution Partner can facilitate their distribution in cryptocurrency.
Creditors assigned to receive USD will receive their third distribution using the same details provided for their last successful distribution attempt. Creditors will receive an email when such an attempt has been initiated, or successfully completed, depending on the Distribution Partner. In some cases, including if a creditor has not already successfully received a USD distribution, creditors may be directed to the Celsius Claims Portal to update their information or provide new details to receive a USD distribution.
I still haven’t gotten any distributions. Will I get the third distribution?
If an Eligible Creditor has a claim that is currently allowed, has not yet received such creditor’s initial or second distribution, and such creditor’s Claims have not been forfeit, Celsius will continue to attempt the initial and second distributions in addition to the third distribution. If such a Creditor thinks there may be an issue receiving their distribution, they should open a ticket with Celsius Distributions Support.
I cannot receive any of my cryptocurrency distributions - what do I do?
Useful instructions for all creditors can be found in our Guide to Redeeming Eligible Claim Distributions. Troubleshooting tips for PayPal and Venmo creditors can be found in this Knowledge Base article, with tips for Coinbase creditors in this Knowledge Base article.
If a creditor cannot resolve their issue receiving a cryptocurrency distribution, they must complete a Distribution Conversion Form. This will allow Celsius to attempt a distribution in United States dollars (USD) by either Hyperwallet, check or wire transfer. The Distribution Partner for USD distributions will be assigned by Celsius based on the jurisdiction of such creditor. More information about converting a cryptocurrency distribution to USD can be found in this Knowledge Base article.
If a creditor submits a Distribution Conversion Form, Celsius will not convert the cryptocurrency held for their distribution to USD until after their Distribution Conversion Form is accepted and such creditor has provided any additional information necessary to process their distribution.
If a creditor still needs assistance redeeming a distribution, they should open a ticket with Celsius Distributions Support.
If my information has changed, does this impact my Distribution Partner?
If a creditor needs to update their personal information, they should log in to the Celsius Claims Portal to provide new details to receive a distribution. For the third distribution, the same Distribution Partner used for the last successful distribution will be used, if possible. If a creditor has moved to a jurisdiction that is no longer supported by such creditor’s assigned Distribution Partner, they may be re-routed to a new Distribution Partner.
I was originally assigned to receive cryptocurrency at Coinbase but did not receive my first or second distribution and can no longer be serviced at Coinbase. What happens to my distributions?
If a creditor was scheduled to receive a distribution through Coinbase on the Effective Date, or was transitioned from PayPal to Coinbase after the Effective Date, and such creditor did not receive a distribution through Coinbase by November 25, 2024, and has not subsequently successfully received a Cash distribution or had their claim forfeited, Celsius will continue to hold cryptocurrency on account of such creditor’s initial, second, and third distributions and will convert such cryptocurrency to USD as close as reasonably practicable to the creditor’s expected distribution date.
Will Corporate Creditors receive cryptocurrency or USD?
If an Eligible Corporate Creditor selected Liquid Cryptocurrency on their completed and accepted Election Form, has been onboarded to a Coinbase institutional account, and has successfully received cryptocurrency in the previous distributions, they will receive the third distribution by the same method.
If an Eligible Corporate Creditor did not submit an Election Form by the November 4, 2024 deadline, or if it submitted an incomplete Election Form, or if it submitted an Election Form but was later rejected by Coinbase for onboarding, such corporate creditor was notified their corporate creditor settlement and all future distributions would be made in USD.
Corporate creditors with Convenience Class Claims are not eligible for the third distribution.
Why am I being asked to complete another AML/KYC Compliance identity verification?
All Eligible Creditors must complete AML/KYC checks for their Celsius Account and may need to provide additional information based on their Distribution Partner. If a creditor needs to update such creditor’s personal information, the creditor will be notified via email and must submit the required missing information necessary to attempt a distribution. Such creditors will be directed to the Celsius Claims Portal to update their information.
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