Eligible customers of bankrupt crypto lending firm Celsius Network will soon be allowed to obtain the funds trapped when the platform paused withdrawals and transfers in June of last year.
In a new court filing, Celsius names the users who are qualified to withdraw their withheld assets, saying these users will be notified of their eligibility and the process to get their funds back on or around February 15th.
“Eligible Users on the Distribution Schedule will receive email and Celsius app communications from the Debtors informing such users of their eligibility to withdraw and the steps each user must take before a withdrawal can be processed.”
Celsius says eligible users need to update their account with the required details such as those for anti-money laundering (AML) and know-your-customer (KYC) purposes before they can proceed with the withdrawal.
“Unless and until an Eligible User updates his or her account with the Required Account Updates, such Eligible User will be unable to withdraw his or her Distributable Custody Assets from the Debtors’ platform.”
Gas and transaction fees will also apply to the withdrawals. Celsius says those who do not have enough assets in their accounts to cover these fees will not be able to withdraw their funds.
Eligible customers can withdraw only 94% of their funds. The bankruptcy court still has to decide if Celsius can return the remaining 6%.
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