Celsius Custody Clients Were Able To Pull Their Money After 263 Days

Jose Sequeira
Jose Sequeira Business
2 Min Read

Several customers of the custodial firm Celsius Custody started withdrawing money from frozen accounts on March 2, although their requests were processed slowly. Clients claim that they received an email informing them that they may withdraw their funds. 263 days after the freeze, the bankruptcy crypto loan platform Celsius Network started conducting balance transactions.

While some whitelisted customers in Celsius Custody reported swift asset transfers, others complained about lengthy delays.The fact that several withdrawal requests are converted into support tickets, which might take several days to complete due to “lack of staff,” was used to justify this to clients.

celsius custody clients were able to pull their money after 263 days

An earlier statement made by Celsius Network personnel said that only a small number of clients who had money in the Celsius custodial program or “held accounts” were qualified to withdraw 94% of the money. A judge will decide what will happen to the remaining 6%.

Some Celsius Custody Clients are Still Waiting for Their Turn

Nevertheless, there appears to be a backlog of withdrawal requests in Celsius Custody, with some alleging that they are being turned into support tickets that may take a few days to resolve since there are “just toomany requests with insufficient employees.”

A 70% refund will be given to consumers who made deposits under $5,000. As a reminder, Celsius Custody ceasedall withdrawals, swaps, and account transfers on June 13, 2022. The platform submitted a Chapter 11 bankruptcy petition a month later. Liabilities outweighed assets by $2.85 billion at the firm. Alex Mashinsky, the CEO of the platform, resigned from his position in September. The New York Attorney General’s Office charged Celsius‘s CEO with scamming investors “for billions of dollars” at the beginning of 2023.

You may be interested in:

Share this Article
Strong media and communication professional with a MA in Broadcast Journalism from City University and a BA in Media Studies with Spanish from the University of Sussex. Started my career as a journalist I have been working for almost 10 years in different regional and national news channels along with assorted media and still now I am working for different digital content creators. I love staying up to date with the latest developments in the crypto world, and I'm always on the lookout for new and innovative blockchain projects. I believe that crypto has the potential to revolutionize the way we think about finance and money, and I'm committed to bringing the most important news and analysis to my readers. With my extensive knowledge of the industry and my ability to spot emerging trends, I'm confident in my ability to keep my readers informed and engaged in this fast-paced and rapidly changing space.
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *