Celsius, the cryptocurrency lending platform that recently emerged from bankruptcy, has informed that the majority of eligible creditors have received their cryptocurrency distributions.
These distributions, totaling $2 billion, were facilitated by two distribution agents: PayPal for creditors in the United States and Coinbase for overseas creditors.
The legal representatives of Celsius, Kirkland & Ellis, provided this update in a recent court filing, noting that 20,255.66 Bitcoin was among the crypto assets transferred to creditors.
As of today’s date, a substantial portion of Holders have successfully retrieved their Liquid Cryptocurrency from PayPal/Venmo and Coinbase. Specifically, approximately 75% of the BTC/ETH designated for distribution through these platforms has already been claimed.
However, the filing clarified that account holders who did not consent to the restructuring plan will not receive any crypto distribution until their claims are resolved.
Furthermore, it noted that certain account holders may encounter difficulties in receiving their distribution if Coinbase or PayPal identify any anti-money laundering (AML) or compliance concerns.
The filing stated that Distribution Agents retain the authority to decline distributions to individuals whom they believe fail to meet their compliance and other requirements.
Also Read: Celsius Initiates $3B Payout to Creditors in Crypto and Fiat
