• Celsius, a bankrupt cryptocurrency lending firm, has published 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.
• The court-appointed examiner’s report revealed questionable actions taken by the cryptocurrency lending firm, causing financial hardship for many of its customers.
Celsius Upcoming Withdrawals: Are Your Assets at Risk?
Eligible Users Can Retrieve 94% Of Assets
Celsius has published a list of eligible users who can withdraw 94% of their crypto assets from the platform. Before processing any withdrawals, 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. Failure to provide this information will result in an inability to withdraw assets.
Gas And Transaction Fees Required For Withdrawal
In addition to providing necessary information, eligible users will also need to cover gas and transaction fees associated with the withdrawal process. Those who do not have sufficient funds in their accounts to cover these fees will not be able to withdraw their assets.
Examiner’s Report Reveals Questionable Actions
The court-appointed examiner’s report reveals various aspects of Celsius‘ operations, including its relationship with the now-defunct FTX exchange. It further alleges that Celsius and its founder failed to deliver on their promises regarding the Celsius (CEL) token and other business ventures while taking questionable actions that caused financial hardship for many customers.
Remaining 6% Of Assets To Be Determined Later
The remaining 6% of assets will be determined at a later date. Furthermore, those who are unable or unwilling to provide relevant account information may still receive some compensation if they meet certain criteria as outlined by existing laws and regulations governing bankruptcies in different jurisdictions.