Cryptocurrency lending platform Celsius reported that some users will be able to withdraw 100% of their original funds more than 300 days after the platform froze withdrawals.
In a May 4 Announdment, Celsius Said that Subject to Court Approval, Eligible Users will be able to useraw the rem of allocatable music assets fr. OM the Platform. Until January, the those same used, mostly those who held funds only in escrow accounts, could only withdraw up to 94% of their funds.
The announcement marks the first progress toward getting some Celsius customers compensated for lost funds since the company froze withdrawals in June 2022 before filing for bankruptcy in July. Many Celsius users reported a backlog of withdrawal attempts despite funds suppos edly being available, with some claiming requests were taking days to process. Celsius is seeking to combine its UK and US entities, according to court documents, and it appears the two companies are being treated equally in the bankruptcy proceedings. Celsius founder and former CEO Alex Mashinsky also faces a lawsuit filed in January by the New York attorney general's office. Mashinsky filed a motion to dismiss on May 2, claiming the AG's case was "parroting misinformation."
