• Celsius Network has published a list of those eligible to withdraw funds from their platform after Chapter 11 bankruptcy.
• Creditors will be required to update their accounts with KYC and AML data before proceeding with withdrawals.
• Eligible creditors will only be able to withdraw 94% of their eligible custody assets, with the court deciding on the remaining 6%.
Celsius Network, a crypto lender, has recently released an official update regarding the upcoming withdrawals of funds from their platform after filing for Chapter 11 bankruptcy in July 2022. After US Bankruptcy Court for the Southern District allowed the company to return funds transferred to the platform, Celsius has now published a list of those eligible for withdrawals.
In June 2022, Celsius Network halted withdrawals from their platform before proceeding to file for bankruptcy in July. Since then, creditors have been awaiting a chance to withdraw their funds from the platform and it appears to be just a matter of time now. The crypto lender has emphasized that eligible creditors will be required to first update their accounts with KYC and AML data before being allowed to proceed with withdrawals.
The list of those eligible to withdraw funds includes creditors who had deposited funds after the company filed for bankruptcy. Most importantly, those eligible will only be able to withdraw approximately 94% of their eligible custody assets. The court is expected to make a decision on the remaining 6% of assets, with the possibility of creditors being able to withdraw those as well.
Celsius Network has been working hard to ensure that creditors who lost funds due to the bankruptcy process receive their funds back in a timely manner. The court has granted them permission to process certain customer withdrawals and the company has now published the list of those eligible. It is important to note that creditors will be required to update their accounts with KYC and AML data before being allowed to proceed with withdrawals.
The list of those eligible to withdraw funds from Celsius Network includes creditors who had deposited funds after the company filed for bankruptcy. Those eligible will be able to withdraw 94% of their eligible custody assets, with the court deciding on whether the remaining 6% can be withdrawn as well. The crypto lender has been working hard to ensure that creditors who lost funds due to the bankruptcy process receive their funds back in a timely manner.