In a significant development, Celsius, the cryptocurrency lending platform that filed for bankruptcy in July 2022, has begun opening withdrawals for some of its users. This move marks a pivotal moment for the company and its customers following financial uncertainty and legal complications.
Celsius Sets February Deadline for Withdrawals
Customers enrolled in the Custody Program, classified under “Class 6A General Custody Claims” and “Class 6B Withdrawable Custody Claims,” can now withdraw their funds. The platform has set a deadline of February 28 for these transactions.
Those who qualify can withdraw 72.5% of their cryptocurrency holdings, although transaction fees will reduce this amount. It’s important to note that this opportunity is unavailable to customers who voted against the reorganization plan. For these individuals, their assets will be separately managed by a Litigation Administrator for six months.
Celsius has faced some technical challenges during this process.
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