Celsius Wants to Unfreeze $225M in Customer Funds

Sept 02,2022
KingData News: Celsius filed a motion today seeking the authorization to unfreeze a number of customer accounts. The crypto lending platform argued that funds stored in its Custody Program and Withhold Accounts were not in fact company property. At August 29 prices, the Custody Program held about $210 million in funds, while Withhold Accounts had $15 million. A hearing has been set for October 6 at 10:00 EST by the Southern District of New York’s Bankruptcy Court to discuss the matter and possibly authorize the motion.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.
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