1. What is the Settlement?
After months of litigation, Celsius has reached an agreement with the Custody Ad Hoc Group and the UCC on a Settlement that returns most digital assets in the Custody Program to account holders who opt in to the Settlement. Custody users who elect to opt in to the Settlement will receive a total of 72.5% of their Custody Program digital assets back over time in exchange for (i) electing not to pursue any Custody-related claims or causes of action prohibited by the Settlement and (ii) voting in favor of the Plan.
2. How can I opt in?
If you are eligible to opt in to the Settlement, you will receive an email from Stretto. In this communication, you will receive a unique PIN that can be used on the Stretto Settlement page linked in your email. You can also go to the Stretto page to enter your Custody-related email address to receive the Stretto email with the unique PIN and further instructions.
3. Where do I submit my election on Stretto?
You can submit an election opt in form using the link included in the opt in notice from Stretto. You can also enter your Custody-related email address to receive the Stretto email with your unique PIN and further instructions here.
4. What happens if I don’t opt in?
Your assets will remain on the Celsius platform. You will have the opportunity to agree to the Settlement again in connection with the chapter 11 plan.
5. When will I get my assets?
Settling Custody Account Holders will receive the first half of such Settlement (36.25%) once the 30-day opt in period has passed and the Debtors are able to process withdrawals. Withdrawals for the First Distribution began on May 9.
The second half (36.25%) will be made available for distribution upon the earliest of: (i) the effective date of the Debtors’ Plan, or shortly thereafter (ii) the dismissal of the Debtors’ Chapter 11 cases or conversion to cases under Chapter 7; or (iii) December 31, 2023 if no plan is selected.
6. How can I begin withdrawing my eligible assets?
If you opted into the settlement, then the assets eligible for withdrawal will be available approximately 15 days after the 30-day opt -in period expires. At that time, please reference our Custody Account Withdrawal FAQ to learn more about the withdrawal process.
7. Are any other customer groups eligible for this Settlement?
This Settlement only applies to Custody Account Users.
8. Does the Settlement affect my right to vote on the Debtors’ chapter 11 plan?
If you elect to participate in the Settlement, you will have to agree to vote your Custody claims in support of the Debtors’ chapter 11 plan. You will retain the right to vote your other claims (other than Custody claim) however you wish.