Celsius has announced a new development concerning its clients. According to a statement released on Wednesday, the firm has reopened withdrawals for a specific group of customers called “Eligible Custody Users.” This move allows these users to withdraw about 72% of their cryptocurrency holdings, with the process needing to be completed by February 28, 2024.
This announcement marks a significant step for Celsius since it declared Chapter 11 bankruptcy on July 13, 2022. The firm halted all withdrawals a month before this declaration, leading to heightened client concerns. The recent decision to permit withdrawals follows the court’s approval of Celsius’s restructuring plan.
Details of the Withdrawal Process
The withdrawal facility is primarily available to certain custody account holders, as outlined in the company’s restructuring strategy. This group includes two categories of claimants, who now have a limited window until February 28, 2024, to access their funds. The official statement from Celsius mentioned that only specific Custody Assets are available for withdrawal at this stage, leaving other cryptocurrencies locked in the platform.
It is important to note that the clients involved in this withdrawal process can reclaim just over 72% of their crypto assets. The bankruptcy case filings management firm, Stretto, confirmed this information.
Celsius has also reminded its eligible clients via social media, urging them to expedite their withdrawals. The company stressed the importance of withdrawing these assets promptly and keeping personal records, as the Celsius app will only remain operational for a limited period. This communication underscores the urgency for affected users to act swiftly to reclaim their assets.
Also Read: Celsius Network Forges Ahead Amid Legal Challenges and Crypto Shift
