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Bankrupt Crypto Lending Platform Celsius Names Users Eligible to Withdraw Assets
Users named on the list can withdraw 94% of their assets if they can cover the withdrawal fees.
Updated Feb 1, 2023, 4:44 p.m. Published Feb 1, 2023, 10:26 a.m.
Bankrupt crypto lender Celsius Network published the names of users who are allowed to withdraw a majority of their assets locked on the platform.
The 1,400-page document filed with a New York bankruptcy court on Tuesday shows the company has court permission to distribute 94% of each user's assets. While eligibility is contingent upon certain criteria – for instance, transfers had to be less than $7,575 when they were made – withdrawals will be processed only if the users have enough assets on the platform to cover any withdrawal fees, and only if they update "specific customer information related to Anti-Money Laundering (AML) and Know Your Customer (KYC) information."
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"Whether and when Eligible Users are entitled to a distribution of the remaining 6% will be determined at a later date by the Court," the filing said.
While Celsius, which filed for chapter 11 bankruptcy protection in July 2022, has secured court approval to process certain customer withdrawals, the controversy around its actions leading up to the bankruptcy filing continues.
A report by an independent examiner revealed the lender had used new customer deposits to fund other user withdrawals in the days leading up to July 12, when it imposed a withdrawal freeze.
"Celsius’ problems did not start in 2022. Rather, serious problems dated back to at least 2020, after Celsius started using customer assets to fund operational expenses and rewards," Shoba Pillay, the examiner, said in a separate filing Tuesday.
The customers eligible for withdrawals are due to receive an email around Feb. 15 with further steps on how to process transfers, the filing said.
Read more: Celsius Used New Customer Funds to Pay for Withdrawals: Independent Examiner
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