Celsius publishes eligible users’ list for withdrawals News ▸ Celsius ▸ Bankruptcy
Celsius publishes eligible users’ list for withdrawals
The crypto lender emphasized that eligible users must update their accounts with certain information before any withdrawals can be processed.
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Updated: Feb. 1, 2023 at 10:15 am UTC
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Bankrupt crypto lender Celsius published the name of its users who are eligible to withdraw 94% of their assets from its platform, according to a Jan. 31 court filing.
The published list contained the kind of crypto assets owed to each customer and the amount.
The crypto lender emphasized that eligible users must update their accounts with certain information before any withdrawals can be processed. According to the court filing, the required information would be related to Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and information about the destination address of the withdrawal.
Celsius said that a user could be prevented from withdrawing his assets if he does not have sufficient balance to satisfy the gas and transaction fees associated with the withdrawal activities. It added that withdrawal requests may not be processed immediately given the high number of such requests it anticipates getting.
Celsius plans to reach out to the eligible users as early as Feb. 15.
Meanwhile, the bankrupt lender said the court would determine if the eligible users can withdraw their 6% balance later.
On Dec. 7, the lender was authorized to return its users’ “pure” and “transferred” assets below a specific legal threshold and digital assets not supported on its platform.
Celsius’s court-appointed examiner released a damning report about the firm’s operations on Jan. 31. The examiner said Celsius operated as a Ponzi, adding that its used customers’ deposits to prop up its CEL token and enrich two of its founders.
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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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Celsius Network is a P2P decentralized lending & borrowing platform.
Celsius Network
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
