Celsius Announces Limited Cryptocurrency Withdrawal Window for Eligible Users
Celsius, the now-inoperative crypto lending firm, has declared a limited window for withdrawals for certain “Eligible Custody Users.”
This announcement follows the court approval of Celsius’s restructuring plan, allowing these users to access approximately 72% of their cryptocurrency assets until the deadline on February 28, 2024. The move comes after Celsius sought Chapter 11 bankruptcy protection in July 2022, temporarily halting withdrawals. The official statement on the company’s X page clarified that the available withdrawals pertain only to specific Custody Assets, while all other cryptocurrencies remain inaccessible for withdrawal at this time.
Participants in this withdrawal process, representing two distinct claimant groups, have a window until February 28, 2024, to execute their withdrawals, receiving slightly more than 72% of their crypto assets, as indicated by Stretto, a bankruptcy case filings management company. Celsius has urged eligible clients to expedite their withdrawal process before the limited opportunity expires, emphasizing the imminent closure of the Celsius app. The latest update on Claims Market indicates bids for Celsius claims at $0.38 on the dollar, while FTX claims in the same bankruptcy case are fetching $0.57 on the dollar through Claims Market.
Clever Robot News Desk 1st December 2023