Celsius Network is allowing withdrawals of assets from certain custody accounts, according to a tweet on Tuesday. Eligible users will be able to withdraw all the funds in their accounts up to a certain limit, the company said in an earlier blog post.
Celsius has announced that it will begin processing certain withdrawals in accordance with U.S. court orders from January. In February, Celsius published a list of names of users who could withdraw assets that were locked on the platform.
The company stated at the time that it had permission from the U.S. Bankruptcy Court in the Southern District of New York to distribute 94% of each user’s assets. Eligibility for withdrawals was dependent on certain criteria such as that transfers had to be less than $7,575 when they were processed.
Celsius, a crypto lender, paused withdrawals last June, citing extreme market conditions. A month later, it filed for Chapter 11 bankruptcy protection as it struggled with liquidity issues. The lender was hurt by the crypto winter, in which billions have been wiped out of the crypto market in months, as several prominent companies such as stablecoin issuer Terra collapsed.
Also Read:
- Crypto Analyst Debates: Investing in Bitcoin Won’t Make You Rich Again
- US crypto crackdown spells trouble for EU regulators
- Santiment Warns: 5 Indicators Flashing Bitcoin Turnaround Signals
- Crypto Wallet Maker Ledger Raises $109 Million in Latest Funding Round
- “XRP up 10% on speculation CFTC’s Binance case could impact SEC suit”