Case summary
What happened
Nuri offered a Bitcoin Interest Account to European customers while Celsius Network exclusively provided the underlying interest product and contractual yield relationship. Celsius paused withdrawals in June 2022, which prevented withdrawals and new investments through the Nuri product. Celsius filed Chapter 11 in July 2022. Nuri filed for insolvency in August and discontinued its own services on 19 December 2022. Ordinary Nuri bank balances, custody wallets and self-custodial vaults followed separate treatment and are not used to infer the outcome of the Celsius-linked interest account. Celsius plan distributions began in 2024 and remain individualized and ongoing.
Customer result
Customer outcome
Claims ongoing
Ordinary Nuri bank balances, custody wallets and self-custodial vaults are outside this outcome. Former Nuri interest-account users depend on their individual Celsius claim and distribution status.
- Estimated recovery
- No universal final recovery rate is assigned; Celsius distributions are claim-specific and continued through multiple rounds.
- Repayment started
- 2024-01-31
- Repayment completed
- —
- Confidence
- High
Asset treatment
Terms risk
Platform-owned
This classification applies only to the Celsius-linked interest account and not to ordinary Nuri bank balances, custody wallets or self-custodial vaults.
- Affected product
- Nuri / Bitwala Bitcoin Interest Account
- Confidence
- High
The Nuri Bitcoin Interest Account was separately contracted with Celsius. The Celsius Earn Decision concluded that assets deposited in Earn accounts became Celsius property and estate assets, subject to reserved creditor defenses.
Source: Order discussing ownership of Celsius Earn account assets
Known unknowns
Uncertainty
The product launch date is recorded at month-level. The end date uses Nuri's full-service discontinuation date; the interest account had already been frozen since June 2022. Current Nuri and Bitwala brands are successor or reused services and do not represent revival of the historical Celsius-linked product. Individual creditor recovery remains claim-specific.
Chronology
Historical record
Nuri launches Bitcoin Interest Account
Nuri, formerly Bitwala, launched a Bitcoin interest product brokered through its app and provided by Celsius Network.
Launch date is recorded at month-level.
Nuri interest-account withdrawals pause
After Celsius paused withdrawals, Nuri stated that withdrawals from its Bitcoin Interest Account were unavailable and paused new investments in the product.
Ordinary Nuri banking, custody-wallet and vault products were not the same product and are not classified by this event.
Celsius files Chapter 11
Celsius Network and related debtors filed Chapter 11, moving the underlying Nuri Bitcoin Interest Account exposure into the Celsius claims process.
Nuri customers used a product brokered by Nuri but provided contractually by Celsius.
Nuri files for insolvency
Nuri filed for insolvency in Germany after market stress and the failure of its Celsius partnership worsened its financial position.
Nuri stated that ordinary customer bank and custody assets were not affected in the same way as the Bitcoin Interest Account.
Nuri discontinues services
Nuri ended its business operations after failing to secure an investor or acquirer and instructed ordinary customers to withdraw or transfer their assets.
The shutdown of Nuri's ordinary services did not resolve the separate Celsius-linked interest-account claims.
Celsius plan becomes effective and distributions begin
The Celsius reorganization plan became effective and distributions to eligible creditors began through approved distribution partners.
Distributions are individualized and continued through later rounds; this is not recorded as completed repayment for every former Nuri interest-account user.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
customer outcome
2 sourcesCelsius plan effective date and distribution updates
Stretto / United States Bankruptcy Court · 2024-01-31
Official case site records the plan effective date and continuing rounds of creditor distributions.
Celsius claim distributions overview
Celsius Distributions / Stretto
Official distribution guidance explains that creditor distributions are made through approved partners and depend on individual claim and jurisdiction details.
end date
1 sourcesNuri, previously Bitwala, is closing down
Finance Magnates · 2022-10-18
Reports that Nuri would discontinue business on 19 December 2022 after failing to find an investor.
Event
4 sourcesBitcoin Interest Account withdrawals paused
Nuri · 2022-06-13
First-party historical notice that Celsius exclusively offered the product, Nuri brokered it, and withdrawals and new investments were paused.
Nuri bitcoin interest product affected by Celsius withdrawal freeze
The Block · 2022-06-13
Contemporaneous independent coverage of the product-level freeze and new-investment pause.
Celsius Network Chapter 11 case information
Stretto / United States Bankruptcy Court · 2022-07-13
Official case site for the Celsius Chapter 11 proceedings.
German crypto bank Nuri files for insolvency
Decrypt · 2022-08-09
Reports Nuri's insolvency filing and clearly separates ordinary account assets from frozen Celsius-linked interest accounts.
failure reason
1 sourcesGerman fintech Nuri files for insolvency amid market downturn
The Block · 2022-08-09
Reports Nuri's insolvency filing and its cited exposure to the Celsius failure and wider market stress.
launch date
1 sourcesNuri bitcoin interest product affected by Celsius withdrawal freeze
The Block · 2022-06-13
Reports that Nuri launched the Celsius-powered product in May 2021.
terms risk
2 sourcesNuri Bitcoin Interest Account risk warning
Nuri
Historical first-party risk document for the separately contracted Celsius-provided Bitcoin Interest Account.
Order discussing ownership of Celsius Earn account assets
United States District Court, Southern District of New York · 2023-03-27
Court order summarizes the Earn Decision that assets deposited in Celsius Earn accounts became Celsius property and estate assets, subject to reserved creditor defenses.
url history
1 sourcesGoodbye Nuri, hello again Bitwala
Bitwala · 2025-10-13
Successor-team historical recap confirms Nuri's 2022 shutdown and later reuse of the Bitwala brand; it is not evidence that the old interest account resumed.
No evidence records match the current filters.
Comparative records