Celsius Network, a major cryptocurrency lending platform, filed Chapter 11 bankruptcy in 2022 with over $24 billion in creditor claims. Here's the recovery update for April 2026.
Celsius Bankruptcy Overview
Celsius froze customer withdrawals in June 2022 and filed for bankruptcy months later. The company had borrowed customer deposits and made risky loans, leaving a shortfall. A confirmed reorganization plan allows the company to resume operations under new management while distributing recovered assets to creditors.
Recovery Plan
Celsius's plan allocates recovered assets and future revenue to pay creditors over several years:
- Customers with balances receive a percentage recovery in CEL tokens (Celsius's native token) plus USD cash
- Earned interest claims receive lower recovery rates
- Stakeholders retain some governance rights in the reorganized company
Current Status
As of April 2026, Celsius's reorganization plan is confirmed and the company is distributing the first tranche of CEL tokens and cash to creditors. Distributions are ongoing and projected to continue through 2027–2028.
Tracking Your Celsius Claim
Register on the official Celsius bankruptcy website to access your account and track distributions. Celsius has also created a token redemption portal for CEL token distributions.