Celsius grants access to withdrawals for eligible crypto holders
Eligible participants can withdraw 72.5% of their cryptocurrency holdings, subject to transaction fees reducing the total.
Celsius, the cryptocurrency lending platform that declared bankruptcy in July 2022, has initiated withdrawals for select users. This development signifies a crucial juncture for the company and its clients amid financial instability and legal issues.
According to the filing, participants in the Custody Program falling under “Class 6A General Custody Claims” and “Class 6B Withdrawable Custody Claims” are now eligible for fund withdrawals, with a deadline set by the platform for these transactions until Feb. 28, 2024.
Eligible participants can withdraw 72.5% of their cryptocurrency holdings, subject to transaction fees reducing the total. Customers who opposed the reorganization plan are excluded from this opportunity. Instead, a Litigation Administrator will handle their assets independently for a duration of six months.
Celsius has encountered numerous challenges on its journey to this stage. Following its bankruptcy filing last summer, the platform navigated various legal obstacles. In March, a settlement plan was endorsed, pledging deposit account holders 72.5% of their funds in two installments throughout 2023.
...