Celsius Customers Celebrate Withdrawal Restoration after 263 Days

Customers of erstwhile bankrupt crypto lender Celsius have started celebrating following the restoration of withdrawal option after 263 days of freezing funds as per latest report. 

Today, withdrawals will reopen for Distributable Assets in certain Custody Accounts.

— Celsius (@CelsiusNetwork) March 2, 2023

Celsius stated that eligible users have been informed of the steps to take in facilitating their withdrawal. It appears some of the users have been able to withdraw funds according to several social media posts. 

On March 2, one of the Celsius customers Richie expressed joy after being able to withdraw funds, stressing that he was able to get back his money in one piece and hoped that it will be applicable to many others.

Meanwhile, it seems not all customers enjoyed hitch-free withdrawal. Some of the users that have been captured on the whitelisted wallets ahead of the withdrawal period were still unable to receive their funds due to numerous requests. 

Recall that Celsius published details of users eligible for withdrawal on Jan. 31, stating that users with funds in custody accounts can withdraw 94% of their original funds. It is noteworthy that the custody accounts were only available to United States residents. 

Can Crypto Lender Celsius Regains Lost Grounds?

Having filed for bankruptcy on July 13 as a result of financial insolvency, crypto lender Celsius has terribly lost its relevance as one of the foremost in the lending realm. The hope that customers will regain their funds was dashed until a recent court hearing.

Meanwhile, it appears that not all customers would heap a sigh of relief except only those with custody accounts. Given the fact that only 94% of their funds can be withdrawn for now, customers are looking forward to the court hearing on outstanding 6%.

Earlier on Feb 1, the court-appointed examiner Shoba Pillay report on bankrupt Celsius revealed that the firm misled the members of the public on its financial stance and modes of operation before going bankrupt.

In light of the foregoing, creditors might have no renewed faith in Celsius; as such the possibility that the crypto lender will review is doubtful.