TechFlow reported that the bankrupt crypto lending platform Celsius has released a revised disclosure statement, revealing its plan to shut down its application within 90 days. In the statement, Celsius outlined its strategy to deliver substantial recoveries in cryptocurrency for creditors. The company intends to distribute liquid cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), to eligible creditors. The total estimated distribution is approximately $2.03 billion, with the value subject to potential fluctuations in BTC and ETH prices.
Furthermore, to manage the process efficiently, Celsius has chosen to partner with third-party distribution agents, identifying PayPal as a potential agent for certain distributions to individual creditors in the United States. For other distributions, Celsius is actively seeking additional distribution agents. If suitable agents cannot be found, Celsius will keep its platform open for ninety days following the effective date to facilitate distributions to specific creditors.
