The official committee of unsecured creditors of cryptocurrency lending company Celsius expressed on Friday (12th) on the X platform that, according to court documents, Celsius debtors have updated the frequently asked questions regarding debt repayment distribution and will provide weekly updates before the effective date.
According to the updated frequently asked questions by Celsius, the company will pay debts to creditors residing in the United States through PayPal, and to creditors outside the United States through the Coinbase exchange (as long as Coinbase supports the country). Celsius’ cryptocurrency repayments are expected to begin shortly after the planned effective date of January 31st, and the distribution of MiningCo’s equity is also expected to take place simultaneously.
Celsius further explained that if creditors reside in countries listed on the Celsius Q&A page, the company will attempt to make repayments to these creditors through Coinbase, so creditors should create a Coinbase account that matches their Celsius account information. If creditors are unable to obtain distributions through Coinbase for any reason, Celsius will distribute repayments to such creditors in the form of US dollars.
Although Taiwan is included in the list by Celsius (which may be subject to change), Taiwanese users may not be able to complete the claim for debts through the aforementioned methods as Taiwan is no longer within the service scope of Coinbase.
Regarding creditors whose Coinbase accounts are restricted/blocked, Celsius wrote:
Related reports: “Celsius creditors beware! Users who withdraw over 100,000 euros within 90 days before bankruptcy will face ‘Clawback'” and “Judge approves Celsius’ shift to establish a Bitcoin mining company’s restructuring plan.”
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