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Some Celsius customers can withdraw their money
Bankrupt cryptocurrency lending company Celsius announced the reopening of distributable assets in certain custodial accounts. Following the update, some customers took to social media to reveal that they were able to withdraw money for the first time since the lender was suspended last June. The development comes a month after the United States Bankruptcy Court for the Southern District of New York authorized Celsius to reopen withdrawals for certain customers with assets held in custodial accounts. Criteria for Withdrawal Clients who meet certain eligibility requirements set forth in the court docket will only be eligible for the process. For example, “pure” custodial assets that…
Some Celsius customers can withdraw their money
Bankrupt cryptocurrency lending company Celsius announced the reopening of distributable assets in certain custodial accounts.
Following the update, some customers took to social media to reveal that they were able to withdraw money for the first time since the lender was suspended last June.
The Development comes a month after the United States Bankruptcy Court for the Southern District of New York authorized Celsius to reopen withdrawals for certain customers with assets held in custodial accounts.
Criteria for resignation
Clients who meet certain eligibility requirements set forth in the court docket are only eligible for the process. For example, “pure” custodial assets that have never been in the Earn Program or Borrow Program and have been transferred directly to the Custody Program can withdraw their funds from the lender. Additionally, there is no cap on the number of digital assets eligible for withdrawal in this category.
On the other hand, Celsius is authorized to allow withdrawals for users whose total transferred deposit assets are less than $7,575. This amount is defined in Section 547 of the Bankruptcy Code.
“Transferred” custody assets are essentially those assets that were transferred from the earn-or-borrow program to the custody program in the 90 days prior to the bankruptcy filing. Therefore, customers with a total transferred assets exceeding the above amount will not be able to withdraw at this time.
According to a previous update, Celsius employees and affiliates – both current and former – including “insiders,” were not authorized to withdraw assets.
Delays and backlogs
had customers reported Received an email a few weeks ago listing those who were eligible to withdraw their funds.
Whitelisted individuals must update their KYC and AML details to start the withdrawal process. Those who are not verified cannot submit a request. In addition, transaction fees are charged for every withdrawal.
While many breathed a sigh of relief, some users experienced delays in processing their requests due to a backlog of pending withdrawals. As withdrawal requests increase, Celsius has converted them into support tickets.
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