Customers belonging to Celsius have started to withdraw funds from the bankrupt crypto firm 263 days after the lender halted withdrawals over bankruptcy issues, as stated by Cointelegraph.
According to Cointelegraph, on March 2, 2023, the development happened. Prior to that, customers received an email consisting of a list of those eligible to withdraw their funds. However, time discrepancies happened over customers receiving their funds.
On the basis of information by Cointelegraph, a backlog around withdrawals seems to have been created with claims being made around withdrawal requests’ transformation into support tickets based on a certain number of days, because of “too many requests and not enough staff.” On January 31, 2023, Celsius revealed that customers keeping only funds in custody accounts can currently withdraw 94% of their original funds. It’s believed that custody accounts were only permitted for United States residents.
Moreover, Cointelegraph noted that customers who sent their funds from earn or borrow programs to a custody account can make a 72.5% withdrawal of their funds, up to a maximum of $7,575. On June 13, 2022, the lender decided to discontinue withdrawals over “extreme market conditions.”
(With insights from Cointelegraph)