As of July 2026, Celsius's fourth distribution ($344.4 million) is ongoing, with quarterly reattempts for all unredeemed payments. Important: the 4th distribution is the final distribution made in BTC — all future rounds will be paid in USD and stablecoins. Creditors who have unredeemed cryptocurrency distributions should log in to the Celsius Claims Portal and redeem them promptly, or submit a Distribution Conversion Form to receive USD instead. If you haven't received anything yet, this guide explains what to do.
Is Celsius Still Paying Out?
Yes — but the process is ongoing and complex. Celsius Network LLC filed for Chapter 11 bankruptcy protection in July 2022, freezing the assets of hundreds of thousands of customers worldwide. After more than a year of court proceedings, Celsius's reorganization plan took effect on January 31, 2024, allowing distributions to begin.
The bankruptcy estate has distributed over $3.2 billion to creditors across four rounds. The initial major distribution in January–February 2024 paid out $2.53 billion to 251,000 creditors. A fourth distribution of $344.4 million commenced in February 2026, funded by approximately $257 million from a Tether adversary proceeding settlement, $73.7 million released from the Disputed and Contingent Claims Reserve, and $9.4 million in forfeited claims. Approximately 70%+ of all creditor claims have been resolved as of mid-2026, following the commencement of the fourth distribution.
Note on future distribution format: The 4th distribution is expected to be the last one paid in Bitcoin (BTC). Celsius has confirmed that all future distributions will be made in US dollars (USD) and stablecoins. Creditors who are assigned to receive cryptocurrency should redeem it now or request a conversion to USD through the Celsius Claims Portal before the transition.
Note: Celsius had more than 600,000 total account holders; approximately 372,000 had eligible claims recognised in the bankruptcy proceedings.
However, a substantial number of creditors across 165 countries remain unpaid. This is not because their claims are invalid — it's primarily due to unresolved verification issues, jurisdictional complications, and pending additional fund sources. The bankruptcy estate continues to work through these cases, and further distributions are expected in late 2026 and potentially into 2027.
A key factor affecting future distribution sizes is the resolution of criminal proceedings against former Celsius CEO Alex Mashinsky. Alex Mashinsky, Celsius's founder and former CEO, pleaded guilty on December 3, 2024, to commodities fraud and market manipulation of the CEL token. He was sentenced to 12 years in prison on May 8, 2025. His forfeiture of $48 million is expected to contribute additional recoveries for creditors through future distributions.
Additionally, Ionic Digital — the Bitcoin mining company formed from Celsius's mining operations as part of the reorganization — is pursuing a public listing on Nasdaq. Ionic Digital has filed a draft registration statement with the SEC ahead of a proposed IPO. Creditors who received Ionic Digital equity as part of their reorganization distribution may see additional value if the listing proceeds. The company's Bitcoin mining revenue is also expected to contribute to future creditor recoveries over time.
Celsius distributions have been made in a mix of Bitcoin (BTC), Ethereum (ETH), and US dollars (USD), depending on your jurisdiction and distribution round. Creditors in some jurisdictions had the option to convert crypto distributions to USD through the Stretto portal.
Step-by-Step Guide to Accessing Your Celsius Distribution
If you were a Celsius creditor, here's exactly what you need to do to receive your distribution or check on your payment status.
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Register on the Stretto Portal
The official claims management system for Celsius is administered by Stretto. Visit the Celsius claims portal at claimsportal.celsius.network or the Stretto case page at cases.stretto.com/celsius. Register using the email address you used for your Celsius account. If your email is no longer active, you'll need to go through account recovery — contact Stretto support with proof of identity and prior account access.
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Verify Your Identity (KYC)
Identity verification is mandatory before any distribution can be made. You'll need to submit a valid government-issued photo ID (passport or national ID card preferred) and proof of address (utility bill, bank statement, or official document dated within 90 days). KYC is handled through the Stretto portal's built-in verification workflow. Processing typically takes a few business days. If you've already completed KYC in a prior distribution round, check whether re-verification is required — some creditors may need to update their details for subsequent rounds.
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Check Your Claim Amount
Once logged in, review your scheduled claim amount. This will show the USD value of your Celsius holdings that has been recognized by the bankruptcy estate. If you believe the amount is incorrect — for example, if it doesn't reflect all the assets you held, or reflects holdings in an incorrect account — you need to file a formal objection through the portal before the applicable deadline. Review your Celsius account history from before the freeze to verify the figures match.
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Choose Your Distribution Method
Celsius distributions have been made in a mix of Bitcoin (BTC), Ethereum (ETH), and US dollars (USD), depending on your jurisdiction and distribution round. Creditors in some jurisdictions had the option to convert crypto distributions to USD through the Stretto portal. Depending on your country, cash payments may be received via ACH bank transfer (for US creditors), international wire transfer, or other approved payment methods. Update your banking and wallet details carefully in the portal — errors in payment information are one of the most common causes of failed payments.
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Monitor for Distribution Announcements
New distributions are announced through official channels: the Stretto case page, the Celsius claims portal, and court filings available on PACER (the federal courts' document system). Subscribe to email notifications on the Stretto portal to receive updates directly. Do not rely on social media, YouTube channels, or unofficial sources for distribution timing — these often circulate inaccurate information that can cause unnecessary anxiety or lead creditors toward scams.
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Track Your Payment via the Portal
Once a distribution has been initiated for your claim, you'll see a status update in your Stretto portal dashboard. Payment processing can take several weeks after a distribution is announced — large-scale disbursements to hundreds of thousands of creditors in dozens of countries take time to execute. If the portal shows "payment sent" but you haven't received funds after 2–3 weeks, contact your bank first to check for any holds or issues, then contact Stretto support.
How Much Will Celsius Creditors Get?
The recovery rate for Celsius creditors is lower than FTX's and varies depending on the type of account you held and when you held it. Here's what creditors need to understand:
Recovery Rate Summary
- Earn account holders: Recovery has been estimated in the range of 67–85 cents on the dollar for most creditors, though the final percentage depends on additional distributions from ongoing proceedings.
- Custody account holders: Creditors who held assets in Celsius Custody accounts (not Earn) were generally treated more favorably in the reorganization plan and may see higher recovery rates.
- Withhold account holders: This category faced additional complexity based on jurisdiction and regulatory treatment.
- Distribution format varies: Distributions have been made in a mix of BTC, ETH, and USD depending on your jurisdiction and distribution round. Your claim was denominated in US dollars at the price as of the bankruptcy filing date in July 2022, but the payment form depends on which distribution round you are in.
It's important to note that Celsius's recovery rates are meaningfully lower than FTX's. While FTX creditors are receiving 100%+ of their dollar-value claims, Celsius creditors are generally recovering less — though the exact percentage is still being determined as additional funds from the Mashinsky proceedings and Ionic Digital revenues flow through the estate.
The $2.53 billion initial distribution and the $220.6 million third distribution represent the bulk of what's been paid out so far. Future distributions will depend heavily on legal outcomes and asset monetization — making it difficult to predict a precise final recovery percentage at this stage.
Creditors who held Celsius's native CEL token may have a particularly complex situation, as the value and treatment of CEL in the bankruptcy was subject to specific court rulings. Check your claim portal for the specific treatment applied to any CEL holdings you had.
Celsius Distribution Timeline
| Distribution | Date | Amount | Details | Status |
|---|---|---|---|---|
| Reorganization Plan Effective | Jan 31, 2024 | — | Legal framework established; distributions authorized | Done |
| 1st Distribution | January–February 2024 | $2.53B | 251,000 creditors paid; largest single round | Completed |
| 2nd Distribution | November 2024 | $127M | Litigation recovery funds distributed to creditors | Completed |
| 3rd Distribution | August 2025 | $220.6M | Additional creditors paid; ongoing KYC resolutions | Completed |
| 4th Distribution | February 2026 | $344.4M | Tether settlement ($257M) + reserve releases ($73.7M) + forfeited claims ($9.4M). Final BTC distribution — future rounds in USD/stablecoins. Quarterly reattempts for unredeemed payments. | Underway |
| Next Distribution | Late 2026/2027 | TBD | Pending remaining litigation proceeds and additional asset recovery. Will be paid in USD and stablecoins. | Expected |
| Future Rounds | 2027+ | TBD | Subject to additional asset recovery and legal proceedings | Possible |
For official court filings and distribution notices, visit cases.stretto.com/celsius.
Why Are Many Creditors Still Unpaid?
The persistence of unpaid creditors in a case that has already distributed $3.2 billion might seem puzzling. The reasons are varied, but they fall into a few broad categories:
KYC Not Completed or Rejected
The most common reason creditors remain unpaid is unresolved identity verification. Many creditors started but did not finish the KYC process, submitted expired documents, or had their verification rejected due to blurry images or name mismatches. The portal requires active action from the creditor — it won't process automatically.
Incorrect or Outdated Address/Banking Details
Payments cannot be sent without accurate bank account or payment routing information. Creditors who moved countries, changed banks, or provided incorrect account details during registration will see delays. Log in to the Stretto portal and verify your payment details are current and accurate before the next distribution date.
Jurisdictional Restrictions
Some countries face challenges with international wire transfers or have regulatory environments that complicate distributions. Creditors in sanctioned countries or regions with strict capital controls may face additional hurdles. The estate is working through these cases individually, but resolution may take longer for affected creditors.
Incomplete Claim Verification or Disputed Amounts
Some creditors have outstanding disputes about their claim amounts. Creditors who objected to their scheduled claim or are involved in adversarial proceedings may need those matters resolved before payment can be processed. Others may have incomplete or inconsistent account records that require manual review.
If you are among those still unpaid, the most important action you can take is to log in to your Stretto portal, review every step of the process, and ensure all required information is complete and up to date. Do not wait for the estate to contact you — be proactive in completing your verification.
Common Claim Problems & Solutions
Can't Access the Stretto Portal
Use the email address associated with your Celsius account. If you've lost access to that email, contact Stretto support through the official help desk with proof of prior account access (screenshots, transaction history, etc.). Do not create a new Stretto account — it won't be linked to your claim. Allow up to 10 business days for manual account recovery.
Claim Amount Is Wrong
Your claim is calculated based on the USD value of your Celsius holdings as of the bankruptcy filing date. If the amount doesn't match your records, gather your Celsius transaction history and account statements, then file a formal claim objection through the Stretto portal before the applicable deadline. Late objections may not be accepted by the court.
Payment Failed or Returned
If a payment was initiated but failed or was returned to the estate, log in to the portal immediately and update your payment details. Common causes include closed bank accounts, incorrect routing numbers, and accounts that don't accept international transfers. Once corrected, you'll be re-queued for the next available distribution cycle.
No Updates for Months
Distribution timing depends on the estate's legal proceedings and available funds. Long gaps between rounds are normal. Ensure email notifications are enabled in your Stretto portal settings, and monitor cases.stretto.com/celsius for official updates. Avoid relying on social media or YouTube for timelines — those sources are often inaccurate.
Scammers are aggressively targeting Celsius creditors with fake "recovery agent" schemes, phishing emails, and fraudulent websites mimicking the official portals. You will never be asked to pay a fee to receive your Celsius distribution. The estate does not charge creditors for access to their funds. If anyone contacts you claiming to be a Celsius recovery specialist or asking for payment, crypto, or personal financial information outside of the official portals, it is a scam. The only official portals are claimsportal.celsius.network and cases.stretto.com/celsius. Report scam attempts to the FTC at reportfraud.ftc.gov.
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