2023-05-06 18:10:16
The hacked cryptocurrency lending platform Celsius has announced that some users can receive 100% of their original deposit more than 300 days following the platform froze payouts.
Celsius on May 4th announced, that as a result of the court approval, eligible customers can also withdraw the remaining 6% of the deposited assets from the platform. Until January, the same users, primarily those who only had devices parked on the escrow account, might only withdraw 94% of their savings.
The announcement is the first step forward for some Celsius customers since the business suspended withdrawals in June 2022 and filed for bankruptcy in July. Despite the funds apparently being available, several Celsius customers have claimed that payment requests are experiencing delays, with requests allegedly taking days to process.
Customers who have already transferred funds from an Earn or Borrow account to the escrow account can withdraw 72.5% of their funds in this way, up to a maximum value limit of $7,575.
According to court records, the cryptocurrency company tried to merge its British and American companies in order to treat the two equally during the bankruptcy proceedings. In January, the New York Attorney General’s Office also filed a lawsuit once morest the entity’s founder and former CEO, Alex Mashinsky.
Those who are entitled to the allocation were informed by Celsius via e-mail and in-app notifications. The allocation schedule (Distribution Schedule) determines the list of customers entitled to payments.
For security reasons, Eligible Users are asked to update their Celsius account with certain personal information before payments can be processed. Since the freeze last June, the company owes its nearly 1.7 million consumers regarding $4.7 billion.
Following the Terra/Luna collapse, the lending platform was one of the first major crypto companies to file for bankruptcy. Its former CEO, Alex Mashinsky (pictured on the cover), is being sued by a New York attorney, Letitia James, who claims Mashinsky defrauded hundreds of thousands of investors out of billions of dollars. Mashinsky, of course, continues to deny the allegations, as do Do Kwon and Sam Bankman-Fried.
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