Celsius files to reopen withdrawals for a minority of customers
Celsius has motioned for $50 million worth of the total $225 million held in the Custody Program and Withhold Accounts to be released to owners. Beleaguered crypto lender Celsius Network has filed a motion with the United States Bankruptcy Court yesterday to allow customers with digital assets held in certain accounts to be withdrawn. There’s a catch, however, as the motion will only apply to Custody and Withold Accounts and for custodied assets worth $7,575 or less in value. Celsius has structured their Custody and Withhold Accounts, which essentially serve as storage wallets, in a way....
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Celsius has been in the thick of bankruptcy proceedings for about two months now. There have been various revelations about the company’s financials and how it viewed various subsets of its customers. These views are made even more obvious in a filing that was published on Thursday stating that the crypto lender wants to reopen […]
The objection is seeking a deferral on Celsius motions until the independent examiner report on the company is filed over the next couple of months. The Department of Justice (DOJ) has submitted an objection to Celsius’ motion to reopen withdrawals for select customers and sell its stablecoin holdings.The DOJ is asserting that the state of Celsius’ financials are lacking transparency, and that key decisions like this should not be considered until the independent examiner report has been filed. The move by the DOJ adds to the objections filed last week by the Texas State Securities Board,....
Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13, is looking to release roughly $50 million worth of crypto assets to Celsius custody account holders. Reportedly, the Celsius custody accounts did not participate in the earn and borrow program. A court hearing concerning the matter of relief will take place on October 6.
Celsius Files Debtors’ Motion to ‘Reopen Withdrawals for Certain Customers’
Court documents show that Celsius is looking to release roughly $50 million in funds to select customers. The....
A deep look into Celsius network's design and the events of recent weeks with its yield-generating strategies that culminated in a halt of bitcoin withdrawals.
Another crypto lender, Celsius Network, has sought bankruptcy protection in the U.S. “Customer claims will be addressed through the Chapter 11 process,” the company said. Two other crypto firms recently filed for bankruptcy protection: Voyager Digital and Three Arrows Capital (3AC). Celsius Follows Voyager, Files for Chapter 11 Bankruptcy Crypto lender Celsius Network announced Wednesday that it has “filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New....