Celsius Custody finally allows withdrawals 263 days later

Celsius users with funds held in its custody program have finally started withdrawing their funds. This comes 263 days after the lender froze withdrawals ahead of its bankruptcy filing. However, they are reporting delays due to a backlog of applications.

Celsius customers can finally withdraw their funds

Celsius Bank customers are finally seeing the light. Many customers reported being able to withdraw their funds from the bankrupt crypto company. This comes 263 days after the lender froze withdrawals ahead of its bankruptcy filing. According to many publications on social networksas of March 2, some customers who held funds in Celsius’ Custody accounts were delighted that they had finally been able to withdraw their funds from the lender.

Customers report that they received an email a few weeks ago listing those who were eligible to withdraw. Then on March 2, they received another saying withdrawals could be processed. Some users who whitelisted wallets before their withdrawal attempt received their funds within minutes. Meanwhile, others have reported significant delays.

Furthermore, a backlog of withdrawal attempts seems to have accumulated. Some Celsius custody customers claim that withdrawal requests are converted into support tickets. These could take a few days to be processed due to the multitude of requests and not enough staff.

Celsius custody: details of eligible individuals

On January 31, the praetor of cryptos Celsius custody has published details of who is eligible for withdrawal. Customers who had only ever held funds in deposit accounts can currently withdraw 94% of their original funds. As a reminder, custodial accounts were only accessible to residents of the United States. For these customers, withdrawals are restricted much to the disappointment of customers with funds in other accounts offered by Celsius.

As for securities account holders, they may still be able to recover the remaining 6% pending future court hearings. Customers who have transferred funds from earning or borrowing programs to a custodial account are apparently able to withdraw 72.5% of their funds at this point. They can thus withdraw up to a maximum of $7,575.

As a reminder, lender Celsius custody announced last year that it would freeze withdrawals on June 13. He invoked extreme market conditions, before finally filing for bankruptcy on July 13.

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