Celsius Custody customers finally begin withdrawals 263 days after freeze


Some Celsius clients have reported with the ability to withdraw funds from the bankrupt crypto agency for the primary time, some 263 days after the lender froze withdrawals within the lead-up to its chapter submitting.

In accordance with quite a few social media posts, as of Mar. 2, sure clients who held funds in Celsius’ Custody accounts have been overjoyed that they had been lastly capable of withdraw their funds from the lender.

Clients report they obtained an e-mail a number of weeks in the past itemizing those that had been eligible to take away their funds, earlier than receiving one other on Mar. 2 noting withdrawals could possibly be processed.

An e-mail despatched from Celsius to eligible clients on Mar. 2. Supply: Twitter

Whereas some customers who whitelisted wallets forward of their withdrawal try obtained their funds inside minutes, others pointed to giant delays.

Celsius clients discussing withdrawal processing instances on Reddit. Supply: Reddit

A backlog of withdrawal makes an attempt appears to have constructed up, nevertheless, with some claiming that withdrawal requests are being transformed into help tickets which may take some days to course of, on account of “too many requests and never sufficient employees.”

A Reddit consumer claimed they had been informed their request may take days to course of. Supply: Reddit

On Jan. 31, Celsius printed particulars on who was eligible to withdraw, with clients who had solely ever held funds in custody accounts capable of at the moment withdraw 94% of their original funds.

The custody accounts had been solely obtainable to United States residents. The withdrawals are restricted to those clients a lot to the frustration of consumers with funds in different accounts provided by Celsius.

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Custody account holders might but be capable of get again the opposite 6%, pending future court docket hearings.

Clients who had transferred funds from the earn or borrow applications to a custody account are apparently capable of withdraw 72.5% of their funds at this cut-off date, as much as a most of $7,575.

The lender had first introduced they would be freezing withdrawals on Jun. 13, 2022, citing “excessive market situations,” earlier than submitting for chapter on Jul. 13.