• Celsius has issued an official statement regarding the pending withdrawals for eligible users.
• Eligible users are required to update their accounts with AML and KYC information before withdrawals can be processed.
• Gas and transaction fees will be associated with the withdrawal process.
Celsius, a bankrupt cryptocurrency lending firm, has recently published a list of eligible users who will be able to retrieve approximately 94% of their eligible custody assets. The remaining 6% of assets will be determined at a later date. The information was released in a 1,411-page court filing with the US Bankruptcy Court in the Southern District of New York.
Before processing any withdrawals, eligible users are required to update their Celsius accounts with the necessary information, such as Anti-Money Laundering (AML) and Know Your Customer (KYC) data, as well as the withdrawal destination address. Celsius stresses that failure to provide the necessary information will result in the inability to withdraw assets. In addition to the required information, eligible users will also be informed of the gas and transaction fees associated with the withdrawal process. Those who do not have sufficient funds in their accounts to cover these fees will not be able to withdraw their assets.
The release of this information follows a court filing submitted by the court-appointed examiner, Sho Kamikubo, which provides a detailed overview of the platform’s financial operations and recommended actions for the platform’s creditors. The document also provides insights into the company’s internal operations and the various partnerships it had established.
Celsius is currently working with its creditors to determine the next steps for the platform. The company has stated that it is committed to delivering the best outcome for its creditors and users, and that it will continue to update its platform with the latest news and developments. It is still unclear when the withdrawals will be processed, but it is likely to take several weeks before users are able to retrieve their assets.