Celsius plans to shut down its application and distribute its crypto assets within 90 days

ChainCatcher news, the bankrupt crypto lending platform Celsius recently released a revised disclosure statement, revealing its plan to shut down its application within 90 days.

In the statement, Celsius outlined its plan to provide cryptocurrency compensation to creditors. The plan includes distributing liquidity cryptocurrencies such as BTC and ETH to eligible creditors. Due to potential price fluctuations, the expected distribution amount is approximately $2.03 billion.

Meanwhile, the decision to close the Celsius application after 90 days is driven by various factors, primarily the cost of keeping the platform open for an extended period to process withdrawals.

Additionally, to effectively manage the process, Celsius has chosen to collaborate with third-party distribution agents and identified PayPal as a potential agent for certain distributions to U.S. individual creditors. For other distributions, Celsius is actively seeking additional agents. If suitable agents cannot be found, Celsius will keep its platform open for 90 days after the effective date to facilitate distributions to specific creditors.