Celsius Initiates Additional Withdrawals for Eligible Custody Users
Crypto lender Celsius has announced that certain eligible custody users can now initiate additional withdrawals. However, it’s important to note that only specific custody assets are currently available for withdrawal, while other cryptocurrencies such as Bitcoin (BTC) remain inaccessible.
Withdrawal Eligibility and Deadline
Starting November 29th, two groups of users, Class 6A General Custody Claims and Class 6B withdrawable custody claims, are eligible for withdrawals. These users have until February 28th to make their withdrawals.
Difficulties Faced by Celsius Users
Despite the withdrawal option, some Celsius users have reported difficulties. Login failures and errors have been experienced by users even after attempting to reinstall the Celsius app. Additionally, some users have expressed concerns about empty Earn accounts.
Celsius Transitioning to a Creditor-Owned Bitcoin Mining Company
Celsius recently obtained approval from the bankruptcy court for its proposal to transition into a creditor-owned Bitcoin mining company. The plan involves repaying customers through a combination of crypto assets and stock in the newly established Bitcoin mining firm.
Legal Challenges Faced by Celsius
Celsius and its founder and CEO, Alex Mashinsky, have faced legal action from various entities for alleged misleading practices. Celsius settled with the FTC and agreed to pay $4.7 billion once the bankruptcy proceedings concluded. Mashinsky has been charged with fraud.
Uncertainty Surrounding Celsius User Issues
The resolution of the reported issues faced by Celsius users remains uncertain. It is yet to be determined whether these occurrences are temporary or persistent and how the platform intends to address them.
Hot Take: CEL Token Performance
The native token of Celsius, CEL, is currently trading at $0.2533, up 5% in the past 24 hours. However, the token has yet to recover from its 2022 decline and remains down more than 50% year-to-date.
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