Customers of crypto lending company Celsius are finally getting refunds after a long wait
March 2, 2023 became a happy day for Celsius Custody clients as they were finally able to withdraw their funds from the creditor. Celsius is a cryptocurrency lending company that suspended its clients' ability to make transfers and withdraw funds in the summer of 2022 and declared bankruptcy in July. This led to a drop in the value of not only Bitcoin but other cryptocurrencies as well.
According to numerous social media posts, it became clear that approximately 263 days after the creditor froze fund withdrawals, Celsius clients were finally able to retrieve their digital assets. They found out about this from a letter stating that withdrawals were possible.
Some users who added their wallets to the whitelist before attempting to withdraw their funds received their money within a few minutes, while others reported lengthy delays in the process. It appears that there were a lot of withdrawal requests, and processing them could take several days due to insufficient personnel.
On January 31, Celsius published a list of those who have first priority for fund withdrawals: clients who ever stored electronic funds only on deposit accounts can now withdraw 94% of the initial amount. Deposit accounts were only available to US residents. Unfortunately, clients who have funds in other Celsius accounts were disappointed by this.
Deposit account holders hope to recover the remaining 6% of their funds after future court hearings. And clients who transferred funds to a deposit account from programs designed for earning or lending can only withdraw 72.5% of the total amount, or a maximum of $7,575 at this time.