Celsius To Reopen Withdrawals For A Few Clients

Celsius Network is making headlines again following the recent disaster. Check out the latest reports below.

It’s been revealed that Celsius managed to file a motion for $50 million worth of the total $225 million held in the Custody Program and Withhold Accounts to be released to owners.

Beleaguered crypto lender Celsius Network has filed a motion with the United States Bankruptcy Court recently to allow customers with digital assets held in some accounts to be withdrawn.

Cointelegraph notes that there is a catch in this whole issue, as the motion will only apply to Custody and Withold Accounts and for custody assets worth $7,575 or less in value.

The same publication mentioned above notes the following:

“Celsius has structured their Custody and Withhold Accounts, which essentially serve as storage wallets, in a way that still enables users to maintain legal ownership of crypto.”

#Celsius currently stating that those that were moved to custody 90 days before filing should be withheld. Custody is now $210m & they want to release $50m. They want to reserve the rest for clawbacks. They believe all earn funds belong to #Celsius 🤮 OPINION This is illegal bank https://t.co/efGb3XPU2b

— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) September 1, 2022

In a United States Bankruptcy Court Southern District of New York filing, the platform explained the fact that it has total assets of $4.3 billion and total liabilities amounting to $5.5 billion.

Celsius Network, which recently filed for bankruptcy, says one of the ways it could fill the $1.19 billion hole in its balance sheet is by selling minted Bitcoin (BTC) from its mining business.

“One way the Debtors intend to achieve this goal is by using the Bitcoin ‘minted’ by mining to address its current cryptocurrency deficit.”

It’s also been revealed the fact that according to the Celsius Network, the CeFi platform’s crypto mining arm projects to generate approximately 15,000 Bitcoin in 2023