Celsius Network customers who meet the requirements can withdraw their holdings.

The former Celsius CEO Mashinsky has experienced strong accusations.

The bankruptcy cryptocurrency lender Celsius Network announced that some customers of the custody program from the insolvent crypto lender would be able to withdraw 94% of their eligible assets. 

Since June 2022, when the Celsius Network halted withdrawals, the crypto lending company created a withdrawal procedure for users who holds cryptocurrency in its control. In a 1,419-page court filing which was filed on 31st January in the United States Bankruptcy Court for the Southern District of New York, Celsius Network outlined the procedures. Along with the list of identities of all the qualified users and the quantity of debted crypto assets. 

Further, the status of the remaining 6% of the funds details would be resolved by the court later stage. Additionally, Celsius Network underlined that, under Anti-Money Laundering regulations, eligible users requested to update their Celsius account. With specific necessary information before any withdrawals. Also, the cryptocurrency lending company stated that users must have enough funds in their accounts to cover withdrawal fees.

Moreover, as per Reuters report, the U.S. court-appointed examiner blasted Celsius Network and its former CEO, Alex Mashinsky, on Tuesday. For poor risk management and misleading users about their operations and financial standing. 

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Filed under: Bitcoin - @ February 1, 2023 12:42 pm