Crypto lending platform Celsius has reported that some users will be able to withdraw 100% of their original funds after 300 days of withdrawal from the platform.
In the announcement of May 4, Celsius Said Eligible users will be able to withdraw the remaining 6% of distributable custodial assets from the platform after court approval. As of January, those same users, mainly those who only ever had funds in custody accounts, were limited to withdrawing up to 94% of their funds.
Earlier this year, the court awarded the remaining 6% of the distributable custody assets of eligible users (net custody and transferred custody below $7,575 at the time of the transfer) for a total of 100% of the distributable custody assets of eligible users. Distribution approved.
— Celsius (@CelsiusNetwork) May 4, 2023
The June 2022 announcement marked progress on receiving reimbursement from some Celsius customers for missing funds for the first time since the company barred withdrawals before filing for bankruptcy in July. many Celsius users reported a backlog The number of withdrawal attempts is believed to have increased despite funds being available, with some requests claiming it took days to be processed.
I have funds in custody but can’t withdraw 36% yet… anyone else having this problem?
– © elsius x Voyager (@Celsius_Voyager) May 5, 2023
Connected: Celsius publishes list of users eligible to withdraw most assets
According to court filings, Celsius was watching Combine its United Kingdom and United States entities, the two appear to have behaved similarly in the bankruptcy proceedings. Also Alex Mashinsky, founder and former CEO of Celsius facing trial Filed by the New York Attorney General’s Office in Jan. Mashinsky motion filed dismiss On May 2, claiming the AG’s case was “a parrot of misinformation.”
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