Celsius Users Can Withdraw Digital Assets
NEW YORK CITY – Celsius Network has received permission from a New York bankruptcy court to allow its customers to withdraw digital assets, reclaiming up to 94% for each user. Celsius published a 1,400 page document in court Wednesday detailing criteria for users who are eligible to reclaim assets.
Withdrawals are contingent on three criteria:
Customers must update their Celsius account with “specific customer information related to Anti-Money Laundering (AML) and Know Your Customer (KYC) information.”
Assets transferred on the date of transfer are less than $7,575.
Assets withdrawn must be enough to cover withdrawal fees.
The document also states, “whether and when Eligible Users are entitled to a distribution of the remaining 6% will be determined at a later date by the Court.”
Celsius went bankrupt in July 2022 after it was unable to meet customer withdrawal requests due to illiquidity. On Tuesday, BCCN3 reported that a court examiner determined Celsius’ business model was a Ponzi scheme.
