Long Wait Is Over!
After a grueling 263 days of uncertainty and frozen assets, some lucky customers of the bankrupt crypto firm Celsius are finally able to withdraw their funds. Talk about a long time in limbo! On March 2, reports flooded in across social media from ecstatic customers who received the green light to access their Custody accounts.
Cheers to the Early Birds
It seems like the early birds have indeed caught the worm, as certain customers went from being wallet-holding spectators to having their funds returned in record time—some within minutes! One user, @Richie_Royce, expressed pure joy at recovering their nearly intact funds, joining the elite club of clients whose patience has been rewarded.
Email Communications: Who Gets What?
A few weeks prior, eligible customers received an email from Celsius listing their rights to withdraw. Then, on the fateful day of March 2, the second spark of hope arrived in inboxes, signaling that withdrawals could finally be processed. Cue the confetti!
But Wait, Not So Fast!
Just when you thought the coast was clear, reports surfaced about a massive backlog of withdrawal requests. For some users, their requests morphed into a mysterious ticketing system due to an overwhelming influx of activity. With “too many requests and not enough staff,” patience is still key. It’s like trying to enter a club with only a few bouncers—good luck getting in anytime soon!
Eligibility and Conditions
Per Celsius’ guidelines, as detailed earlier this year, customers with funds solely in Custody accounts can withdraw a whopping 94% of their assets. However, this privilege is limited to U.S. residents only, leaving international clients left out in the cold—definitely not the best news when your crypto dreams are on the line.
What Lies Ahead?
For Custody account holders, there’s still a silver lining. Court hearings loom on the horizon, potentially paving the way for those remaining 6% of funds to be released. Meanwhile, customers who’ve made the strategic move of shifting funds from “earn” or “borrow” to “custody” accounts can withdraw about 72.5% (but only up to $7,575). Yes, setting boundaries is all the rage, apparently.
Remembering the Downtime
Looking back, it’s clear that the withdrawal freeze started on June 13, leading to bankruptcy just a month later. The only thing more extreme than the market conditions they cited? The emotional rollercoasters experienced by countless customers waiting for their crypto coffers to be unfrozen.
