Celsius Network Prepares for Fund Distribution
Celsius Network has requested that users update their KYC information to prepare for the distribution of recovered assets. Users with valid claims need to submit their government IDs and update personal information. The KYC process also focuses on non-US users, while US-based users will be verified by PayPal. Additionally, users are encouraged to set up two-factor authentication to protect against phishing scams. Updates may take time to reflect in accounts prior to withdrawals being processed.
Users Could Recoup Up to 85% of Holdings
Celsius has filed a disclosure statement asking the court to approve the sale of the crypto lender to the Fahrenheit Group. Users may recoup up to 85% of their holdings stuck on the platform. Creditors have until September 22 to vote on the asset sale. Celsius owes creditors around $4.7 billion, but its assets do not match this amount.
Hot Take
Celsius Network’s request for users to update their KYC information is a positive step towards fund distribution. The focus on verifying claims and protecting against scams shows the company’s commitment to user security. The potential for users to recoup up to 85% of their holdings is encouraging, although it is important for creditors to carefully consider the asset sale. Overall, this is a hopeful development for investors who have been waiting for their funds for over a year.
By
By
By
By
By
By