Bankrupt crypto lender Celsius has reopened withdrawals for select holders of Custody accounts.
Earlier in January, Celsius received court approval to allow Custody account holders with less than $7,575 worth of asset transfers to withdraw their assets from its platform.
As per the official document, eligible users are entitled to receive 94% of their funds. The filing said the court will decide whether the clients will receive the remaining 6% of assets at a later date. These users will also need to pay transaction fees when they withdraw their crypto assets from Celsius’ platform.
A blog post published in February claimed that the withdrawal facility will not be available to Celsius users who had active loans as of December 20, 2022.
Meanwhile, users who had transferred their tokens from yield-bearing Earn accounts to Custody accounts will only receive 72.5% of their deposited sum.
It is worth noting that Celsius’ Custody accounts were only available to its US-based clients. Since the withdrawal facility is only available to a fraction of these users, the news has received a mixed reaction from the crypto community.
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedInBankrupt crypto lender Celsius has reopened withdrawals for select holders of Custody accounts.
Earlier in January, Celsius received court approval to allow Custody account holders with less than $7,575 worth of asset transfers to withdraw their assets from its platform.
As per the official document, eligible users are entitled to receive 94% of their funds. The filing said the court will decide whether the clients will receive the remaining 6% of assets at a later date. These users will also need to pay transaction fees when they withdraw their crypto assets from Celsius’ platform.
A blog post published in February claimed that the withdrawal facility will not be available to Celsius users who had active loans as of December 20, 2022.
Meanwhile, users who had transferred their tokens from yield-bearing Earn accounts to Custody accounts will only receive 72.5% of their deposited sum.
It is worth noting that Celsius’ Custody accounts were only available to its US-based clients. Since the withdrawal facility is only available to a fraction of these users, the news has received a mixed reaction from the crypto community.
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
Connect with Ayush on LinkedIn
