Eligible Celsius Users Can Withdraw 100% Of Allotted Custodial Assets

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Eligible Celsius Users Can Withdraw 100% Of Allotted Custodial Assets

Earlier this year, the Court approved the Allocation of the remaining 6% of escrow assets that can be allocated to qualified users, totaling 100% of custodial assets that can be allocated to qualified users to sue. Previously, eligible users were allowed to withdraw 94% of their distributed custodial assets.

Additionally, customers who have previously transferred funds from an earned or borrowed account to a custodial account can withdraw 72.5% of their funds, up to a maximum of $7,575.

Celsius is now authorized to distribute 100% of each eligible user’s Distributable Custodial Assets minus transaction fees. On March 21, 2023, the Court approved Celsius’s Settlement regarding Custody claims with the Ad Hoc Custodian Account Holders Group and the Commission.

Celsius has notified all eligible customers via email and in-app notifications. The list of customers eligible for withdrawals has been specified in the Distribution Schedule.

For security and regulatory reasons, eligible users will be required to update their C account with some necessary information before any withdrawals are processed. You can keep up to date with all the information you need through the Celsius app.

Customers of bankrupt crypto lender Celsius can withdraw their assets from the platform for the first time since June, the company announced on Mar 2.

Today, withdrawals will reopen for Distributable Assets in certain Custody Accounts.

— Celsius (@CelsiusNetwork) March 2, 2023

Hoboken, New Jersey-based Celsius filed for bankruptcy in July 2022. Customer assets have been locked in withdrawals since June, and the company owes its 1.7 million customers about $4,7 billion.

Eligible Celsius Users Can Withdraw 100% Of Allotted Custodial Assets

The lending platform was one of the first significant crypto companies to file for bankruptcy following the Terra/Luna crash. Its former CEO, Alex Mashinsky, is struggling in the General’s lawsuit. New York attorney Letitia James, who alleges that he defrauded hundreds of people of thousands of investors out of billions of dollars. Currently, Mashinsky still denies all charges.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.


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