Yes, for reporting of the Celsius Exchange Bankruptcy, the losses should be determined based on the cost basis and current value of any refunds. You should use Form 4684 for casualty and theft losses and Schedule D/Form 8949 for any capital losses to report these losses.
If you received a settlement (regardless how small) from the bankruptcy proceedings in exchange for your digital assets, this is considered a sale and you (or let TurboTax do it for you) should calculate your capital loss (or gain) on Form 8949 and report it on Schedule D (Form 1040) for the year you received any settlement.
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