Celsius to return $50m in tokens

Bankrupt crypto lender Celsius Network has filed a motion to return an estimated $50m worth of tokens to a selection of holders.

Unlike funds from Earn and Borrow clients, these returned funds are not part of the bankruptcy estate, therefore the hearing on the filing will take place on October 6.

Only customers with assets that are used for storage and not generating any returns, worth $7,575 or less in Celsius’ Custody and Withold Accounts will be eligible.

Roughly 65,000 users hold assets in Custody and Withhold Accounts worth around $22m. However, Celsius is only releasing around $50m in “Pure Withhold” and “Pure Custody” accounts.

“The debtors have identified significant cryptocurrency assets that they do not believe are property of their estates, (…) Accordingly, the debtors believe it is fair and appropriate to permit customers to withdraw those cryptocurrency assets at this time”, the filing said.

According to the company’s bankruptcy filing, the crypto lender owes a reported $4.7bn worth of assets to over 100,000 creditors.

This week, 64 customers who hold over $22.5m in custody accounts asked the court to charge Celsius’ bankruptcy case to enable them to withdraw assets from their accounts.

You can enjoy your cryptocurrencies for recreational use at websites such as 1xBit, Bitcasino and FortuneJack.

 

Source

Updated: 09/02/2022 — 16:00