Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13, is looking to release roughly $50 million worth of crypto assets to Celsius custody account holders. Reportedly, the Celsius custody accounts did not participate in the earn and borrow program. A court hearing concerning the matter of relief will take place on October 6.
Celsius Files Debtors’ Motion to ‘Reopen Withdrawals for Certain Customers’
Court documents show that Celsius is looking to release roughly $50 million in funds to select customers. The debtors’ motion seeks to “reopen withdrawals for certain customers with respect to certain assets held in the custody program and withhold accounts, and granting related relief.” Celsius filed for bankruptcy on July 13, 2022, after the company paused “all withdrawals, swaps, and transfers between accounts” a month earlier on June 12.
The Celsius bankruptcy process has been very extensive, and the lender’s customers have written letters...
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