Insolvent Celsius Network to Allow Eligible Users Withdrawal Assets

February 1, 2023

MCP News Free

Insolvent Celsius Network to Allow Eligible Users Withdrawal Assets

Bankrupt crypto lender Celsius Network in a January 31 update will allow eligible users to withdraw custody assets.

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Celsius Releases List of Users Eligible for Withdrawal

According to the latest update by the bankrupt crypto lender Celsius Network, certain customers will be allowed to withdraw 94% of custody assets.

In mid-2023, not long after the collapse of Terra and its entire ecosystem, Celsius Network announced that it was freezing withdrawals on its platform after which it later filed for creditors’ protection, since then, several crypto lenders have paused withdrawals on their platforms, and also filed for Chapter 11 bankruptcy.

However, the latest update in a 1,411-page filing by Celsius disclosed the names of eligible customers that will be able to withdraw 94% of their funds including their type and amount of debited digital assets in the coming months.

All the listed eligible users will be required to update their Celsius account with certain information required by the lending firm before their withdrawals can be processed.

This information includes customer data related to Anti-Money Laundering and Know Your Customer (KYC) policies, as well as details about the destination address of the withdrawal, Celsius said, adding:

“Unless and until an eligible user updates his or her account with the required account updates, such eligible user will be unable to withdraw his or her distributable custody assets from the debtors’ platform.”

Further to the above, the filing added that it is not yet known if the eligible users will be able to withdraw the remaining 6% of custody assets as the court will decide on the matter later.

Specific details will be sent to these users regarding the withdrawal which is related to gas and transaction fee.

“Eligible users who do not have sufficient assets in their accounts to satisfy these fees will not be permitted to withdraw their assets,” Celsius said in the release.

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