Celsius Customers Start Withdrawing Funds 8 Months After Filing for Bankruptcy
After months of waiting, Celsius Network has finally allowed its custody account holders to start withdrawing some of their assets. The crypto lender filed for Chapter 11 bankruptcy in the US last year, and the withdrawals have been opened for “Distributable assets in certain Custody Accounts.” This news comes after Celsius was ordered by a US Bankruptcy Judge to return cryptocurrencies worth about $44 million to its custody program customers in December 2022. The company was also allowed to auction some of its assets, which helped to raise funds for the repayments. Celsius published a list of customers eligible for withdrawals last month, and the withdrawals started on March 2.