Bankrupt crypto lending platform Celsius confirmed that its eligible customers can withdraw their funds from the platform fully.
Celsius was a popular crypto lending platform. In June of the last year, the platform suspended fund withdrawal services on the platform citing extreme market conditions. Later in mid of July, Celsius’ team filed for bankruptcy protection and said it had anywhere between $1 billion and $10 billion in assets and liabilities and more than 100,000 creditors.
On 4 May 2023, the Celsius team said that the Court approved Celsius’s request to allow all the customers to withdraw their funds, which were in the Celsius custody wallet directly & were not participating in the lending program.
Earlier this year, the Court approved the distribution of the remaining 6% of Eligible Users’ Distributable Custody Assets (pure custody and transferred custody below $7,575 at the time of transfer) for a total of 100% of Eligible Users’ Distributable Custody Assets.
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— Celsius (@CelsiusNetwork) May 4, 2023
With this latest development work in the legal proceedings, some of the Celsius customers will surely be happy.
Strangely a crypto Twitter user noted that he is failing to withdraw above 36% of the total funds he was holding in the custody wallet.
I have funds in Custody but can’t withdraw the 36% yet… anyone else having this issue?
— ©elsius x Voyager
(@Celsius_Voyager) May 5, 2023
Celsius founder and former CEO Alex Mashinsky is also under legal pressure because of a lawsuit filed by the New York Attorney General’s office this year against him.
Just 4 days ago, the former Celsius CEO filed a motion in the court to dismiss that lawsuit, and also he claimed that the lawsuit is based upon the “parrots’ misinformation”.
Cel token
Cel token is a native token on the Celsius network & the current trade price of Cel token is $0.2825 & this trade price is 1.9% high than the last 24 hours’ trade price.
It is still unclear why crypto exchanges are supporting the Cel token trade, even though the Celsius platform collapsed. In reality, the use case for Cel token has been over with the Celsius services.
Read also: Meme coins trade activity pumping Ethereum burn rate
Celsius confirms 6% of customers now able to withdraw 100% funds
https://bitcoinik.com/celsius-confirms-6-of-customers-now-able-to-withdraw-100-funds/feed/
https://bitcoinik.com/celsius-confirms-6-of-customers-now-able-to-withdraw-100-funds/feed/
