Celsius Withdrawals Now Open, But Only For ‘Select’ Users
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November 30, 2023 11:20 am
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Celsius has finally opened up customer withdrawals for damaged customers and clients of the former lending platform.
However, the withdrawals are only for ‘eligible’ clients of Celsius who agreed to the restructuring plan and have not already been reimbursed in some way by the now-former crypto lender.
Users will also be allowed to withdraw only 72.5% of their holdings from the platform, while those who have not agreed to the company’s restructuring plan will have to wait until an acceptable solution is posed to them.
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In the meantime, the funds belonging to those who did not agree to the restructuring program will be segregated and marked for distribution at a later date.
On Wednesday, Celsius announced: “Beginning today, additional withdrawals for Eligible Custody Users are now available. Please note that the only assets currently available for withdrawal are certain Custody Assets; all other cryptocurrency remains unavailable for withdrawal at this time.”
We strongly encourage you to withdraw these assets from the Celsius app and take personal records of information you may find useful immediately, as the Celsius app will only be available for a limited time.
— Celsius (@CelsiusNetwork) November 29, 2023
For questions or more information, please visit https://t.co/8JenYzmJkN
— Celsius (@CelsiusNetwork) November 29, 2023
The Block clarified:
Customers of the Custody Program, who are holders of “Class 6A General Custody Claims’ and/or Class 6B Withdrawable Custody Claims,” can start withdrawing their funds from the platform “on or around” Nov. 29, according to a court document. They have until Feb. 28 to make the transactions.
According to The Industry Spread, “Celsius’ withdrawal process slowed by overwhelming demand – Bankrupt crypto lender Celsius is taking steps to allow certain customers to withdraw their funds. However, some users have reported difficulties in logging in to process their withdrawals.”
Celsius' withdrawal process slowed by overwhelming demand –
Bankrupt crypto lender Celsius is taking steps to allow certain customers to withdraw their funds. However, some users have reported difficulties in logging in to process their withdrawals, as indicated by posts on … pic.twitter.com/RdZNORAj6o— The Industry Spread (@industryspread) November 29, 2023
Celsius also recently announced: “Following feedback from the Securities and Exchange Commission (SEC), Celsius will begin to transition to a Mining-Only NewCo.”
Following feedback from the Securities and Exchange Commission (SEC), Celsius will begin to transition to a Mining-Only NewCo. https://t.co/VVrLLjQWO8
— Celsius (@CelsiusNetwork) November 21, 2023
Cryptopolitan added:
Despite these challenges, Celsius managed to reach a significant settlement with the FTC, agreeing to a $4.7 billion settlement. However, CEO Alex Mashinsky is still slated to face a criminal trial, adding another layer of complexity to the company’s ongoing struggles.
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