Celsius initiates withdrawals for eligible custody users amid app glitches and login woes News ▸ Celsius ▸ Bankruptcy
Celsius initiates withdrawals for eligible custody users amid app glitches and login woes
Several Celsius users are lamenting about the challenges they are facing using the platform.
1 min read
Updated: Nov. 30, 2023 at 11:45 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bankrupt crypto lender Celsius has opened withdrawals for eligible custody users starting Nov. 29, according to a statement on its official handle on social media platform X (formerly Twitter).
A Nov. 28 court filing showed that the “eligible custody users” are classified as customers who are “holders of Class 6A General Custody Claims and/or Class 6B Withdrawable Custody Claim.” Per the filing, these customers could withdraw 72.5% of their crypto, minus transaction fees, until Feb. 28.
“Please note that the only assets currently available for withdrawal are certain Custody Assets,” Celsius wrote. “All other cryptocurrency remains unavailable for withdrawal at this time.”
Customers lament the slow process.
Celsius customers trying to withdraw from the platform have faced varying problems, with many complaining about the slow process and an inability to log in to the lender’s application, according to complaints shared on social media platforms X and Reddit.
One Celsius customer lamented on Reddit that:
“I got all verified and such, but the “send” page is blank/won’t load- anyone else seeing this? So is this just a keep refreshing and hope for the best situation? I’ve even logged out and back in, same.”
Several others pointed out that attempts to log in via Facebook have failed. Celsius Newco Community stated:
“It is absolutely outrageous that Custody creditors with Facebook login will not be able to withdraw their digital assets today because the Celsius so-called developers are not able to fix it.”
In its court filing, Celsius had anticipated these issues and said:
“[Celsius] expect to receive a high number of withdrawal requests and are committed to ensuring accurate and safe withdrawals off of their platform, any such withdrawals may not be processed immediately upon request.”
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Posted In: Celsius, Bankruptcy
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
Alex Mashinsky, born in 1965 in the Soviet Union to a Jewish family, moved to Israel in the 1970s.