Odaily News The bankrupt cryptocurrency lending platform Celsius recently released a revised disclosure statement, revealing its plans to shut down its application within 90 days. This move is part of a broader effort by the company to streamline operations, optimize distribution mechanisms, and enhance the overall user experience.



In the statement, Celsius outlined its plan to provide cryptocurrency compensation to creditors. The company intends to distribute liquid cryptocurrencies, including 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 multiple factors, primarily the cost of maintaining the platform open for withdrawals over an extended period.



Additionally, in order to manage the process effectively, Celsius has chosen to collaborate with a third-party distribution agent and has identified PayPal as a potential agent for certain distributions to individual creditors in the United States. For other distributions, Celsius is actively seeking alternative agents. If suitable agents cannot be found, Celsius will keep its platform open for specific creditors' allocations for 90 days after the effective date. (Coin Edition)