• Celsius, a bankrupt cryptocurrency lending firm, has released a list of eligible users who can withdraw 94% of their crypto assets from the platform.
• Eligible users are required to update their accounts with AML and KYC information before withdrawals can be processed.
• Those who do not have sufficient funds in their accounts to cover the associated gas and transaction fees will not be able to withdraw their assets.
Celsius, a cryptocurrency lending firm, has recently issued an official statement regarding the pending withdrawals for eligible users. The firm’s 1,411-page court filing with the US Bankruptcy Court in the Southern District of New York declared that a list of users who will be able to retrieve approximately 94% of their eligible custody assets has been published. The remaining 6% of assets will be determined at a later date.
Before any withdrawals are processed, eligible users are required to update their Celsius accounts with the necessary information, such as Anti-Money Laundering (AML) and Know Your Customer (KYC) data, as well as the withdrawal destination address. If the required information is not provided, assets will not be able to be withdrawn. In addition to this, those who do not have sufficient funds in their accounts to cover the associated gas and transaction fees will also not be able to withdraw their assets.
Celsius has warned that eligible users must be aware of the requirements for withdrawal and take the necessary steps to ensure their assets are not at risk. They suggested that users should review their accounts prior to withdrawal and make sure all the necessary information is up-to-date. They also encouraged users to take advantage of the customer support team, who are available to answer any questions users may have regarding their accounts.
The firm’s court filing is a reminder of the importance of being aware of the risks associated with cryptocurrency trading and investing. While Celsius’s filing may provide some relief to those who have had their assets locked in the platform, it is important to remember that cryptocurrency is a volatile asset and should be handled with caution.