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Celsius users can rejoice. Well, at least some of them.
The bankrupt cryptocurrency lending company announced on Wednesday (1) that some “qualified users” will soon be able to withdraw funds frozen at the company.
The court-supervised reorganization process indicates that “around February 15, 2023” this pool of users will be notified of their eligibility, as well as the process for withdrawing their funds. This process involves updating the user’s address and providing account information.
Importantly, these users were also only able to withdraw 94% of their trapped cryptocurrency.
Celsius provides updates regarding the upcoming withdrawal process for certain assets in certain Custodian accounts. https://t.co/Q4oxRHeg4E — Celsius (@CelsiusNetwork) February 1, 2023
But what does “qualified user” mean?
Well, it’s complicated and depends on a few key conditions revolving around which accounts users keep for how long and in what amounts, according to Celsius.
Let’s destroy it.
The definition of a “decent” Celsius user.
In December, a bankruptcy court judge in the case ordered Celsius to return $44 million worth of cryptocurrency.
Users who deposit their funds in Celsius’ “Escrow Program” or “Hold Accounts” can get 94% of their money back.
But this is only true if the funds are “only” in the company’s escrow program or if transferred to the program from another crypto lending account 90 days before bankruptcy.
As a bonus, all of these rules only apply to accounts with an amount less than $7,575.
Other eligible users include those who have sent unbacked crypto assets to Celsius, but are also owned by the company.
If the user scores “yes” on all of these points, he or she is entitled to get back 94% of what’s left in their account.
Some users may fall into this category, but court records also show that they must factor each transaction and fuel charge against a threshold amount. If this fee is higher than the qualifying account holdings, the user will not get their money back.
And finally, the Bankruptcy Court will determine at a later date that Celsius can distribute the remaining 6% to users.
*Translated by Gustavo Martins with permission from Decrypt .
Bull markets are back? Find expectations for the crypto market in 2023 live from MB Thursday (2) on YouTube.
Post Lost money on Celsius? Check if you are eligible to redeem your frozen cryptocurrency that appears first on the do Bitcoin Portal.
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