Withdrawal Process for Eligible Users
The bankrupt cryptocurrency lending platform Celsius, which hit the pause button on withdrawals back in June 2022, has finally unveiled a withdrawal process for users holding their crypto assets. On January 31, Celsius published an official update that highlighted which users can retrieve approximately 94% of their qualified custody assets. It’s like the end of an episode of a reality show, where the villain finally gets called out—but maybe with fewer dramatic confrontations.
Details from the Court Filing
In a massive 1,411-page court filing, we learn that the United States Bankruptcy Court for the Southern District of New York has a knack for details. The filing contained everything but a recipe for grandma’s cookies, with a comprehensive list of eligible users, detailing who can access their crypto along with the type and amount of their debted assets. That’s a lot of names, folks! But, before anyone gets too excited, there’s a catch: users must update their Celsius accounts with specific info before they can proceed with withdrawals.
What Users Need to Do
As Celsius gears up for the withdrawals, they’re rolling out a checklist that eligible users must complete. To prevent money laundering and keep the crypto ecosystem squeaky clean, this includes Anti-Money Laundering (AML) and Know Your Customer (KYC) details. Think of it like preparing for a first-date checklist but with more paperwork. Celsius made it clear: “Unless and until an eligible user updates his or her account,” there’s no chance of getting those assets back. So dust off those account credentials!
The Mystery of the Missing Percentage
What about the remaining 6% of the assets? Well, that’s still in limbo. Celsius hinted that a decision will come from the court in the future, and until that happens, eligible users will be eating their nails in suspense—much more nail-biting than a cliffhanger in a soap opera. Until then, don’t hold your breath, but maybe hold onto your crypto dreams.
Fees and What to Expect
As if the whole process wasn’t complicated enough, Celsius mentioned that users will also need to be aware of transaction fees involved in the withdrawals. If an eligible user lacks sufficient funds to cover these fees, well, sorry, no crypto for you. They even specified that detailed information about gas and transaction costs will be sent, just to keep everything transparent—because nothing says “trust me” like a detailed financial overview, right?
Sealing the Deal on Celsius Operations
In the midst of this complicated process, it’s worth mentioning that the court-appointed examiner has submitted a report on Celsius’s operations and revealed its tangled web involving the fallen FTX exchange. Perhaps they could consult a soap opera writer to make the drama a bit more entertaining. The examiner’s report also called out Celsius founder Alex Mashinsky for not following through on promises surrounding their native Celsius (CEL) token, which might leave some users feeling a tad bit jilted.
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