Option to Convert Cryptocurrency Distributions to USD

The Distribution Conversion Form is being offered to creditors who may be experiencing issues at their current cryptocurrency distribution partner due to various reasons. Eligible creditors may request to receive their claim distribution in United States dollars (USD) by logging in to the Celsius Claims Portal (https://claimsportal.celsius.network) and submitting a Distribution Conversion Form.

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 requesting 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 requesting to convert my cryptocurrency distribution to US dollars (USD)?

Creditors who choose to convert their Cryptocurrency distribution to USD are required to confirm their personal details on file in the Celsius Claims Portal are accurate to receive a USD distribution.

After your conversion form has been processed, you will be automatically assigned a USD distribution partner and receive further details via email.

Some creditors may need to provide additional information depending on their preferred USD distribution method. For instance, they might need to reverify KYC information for Hyperwallet, or provide wire transfer instructions. Please follow any instructions provided via email.

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 or local bank transfer 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 if I am set to receive a check. What should I do?

Please ensure the address on file in the Celsius Claims Portal is up to date. If you request changes, you will need to reverify KYC before the address can be updated. Do not complete a Distribution Conversion Form until these updates have been completed. 

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.