According to the court filing, approximately 20,500 Bitcoins and 301,000 Ether tokens were distributed among eligible lenders without any operational or security issues.

Bankrupt cryptocurrency lender Celsius announced that most eligible lenders have already collected their net cryptocurrency distributions from its two distribution agents: the PayPal payments and cryptocurrency exchange Coinbase.

In a recent court filing , Kirkland & Ellis – the legal team representing Celsius – provided an update on creditor distributions outlined in the restructuring plan. This follows Celsius' recent announcement that it has emerged from bankruptcy, which it initially filed in July 2022.

According to Kirkland & Ellis, crypto distributions to holders in the United States are facilitated through PayPal, while overseas holders are managed by Coinbase as a distribution agent.  

Lawyers stated that $2 billion worth of crypto was transferred to creditors, including 20.255,66 Bitcoin and 301.338,77 Ether

“To date, a significant number of holders have successfully collected their liquid cryptocurrencies from PayPal/Venmo and Coinbase: nearly 75% of BTC/ETH set to be distributed by PayPal, Venmo and through Coinbase has already been collected.”

However, the document explained that account holders who did not agree to the restructuring plan will not receive any distribution until their individual claims are satisfied are resolved.

Additionally, it mentioned that certain account holders may face challenges in receiving their distribution if Coinbase or PayPal flags any combat issues anti-money laundering (AML) or compliance.

Distribution Agents have discretion to refuse to make distributions to anyone they deem not to meet their compliance and other requirements,” the document states.