Celsius Puts Out List Of Users Who Can Withdraw Most Of Their Assets
Creditors who are eligible to get their money out of Celsius won’t be able to do so until they update their accounts with AML and KYC information.
When Celsius went out of business in June 2022, it allowed customers to retrieve their bitcoin.
On January 31, Celsius gave an official update on upcoming withdrawals. The list of users who will be able to withdraw about 94% of eligible custody assets was included.
The corporation detailed the procedure in a 1,411-page petition with the US Bankruptcy Court for the Southern District of New York. It identified all qualified users and their crypto asset debts.
Before withdrawing, Celsius requires qualified users to update their account with specified details. The information that is being asked for includes information about the customer related to Know Your Customer and Anti-Money Laundering policies, as well as information about where the withdrawal is going, Celsius said.
“Unless and until an eligible user updates his or her account with the required account updates, such eligible user will be unable to withdraw his or her distributable custody assets from the debtors’ platform.”
The complaint also states that the court will decide if qualified users can take the remaining 6% of assets.
Eligible users will get gas and transaction cost information for the withdrawal procedure. Celsius wrote that users who are eligible but don’t have enough money in their accounts to pay these fees won’t be able to withdraw their money.
Celsius’s court-appointed examiner detailed the lender’s complex relationship with the bankrupt FTX exchange in a court filing. Celsius’s accounting software was the same as FTX and Alameda Research’s, according to the examiner.
Celsius and its inventor Alex Mashinsky also failed to deliver, according to court-appointed examiner Shoba Pillay. They made about their native Celsius (CEL) token and other business activities.
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