CELUSDT on TradingView.com<\/a><\/figcaption><\/figure>\nThe lender’s native token, CEL, is trading at $0.2533, up 5% in the past 24 hours. However, it is important to note that the token has yet to recover from its 2022 decline and remains down more than 50% year-to-date.<\/span><\/p>\nFeatured image from Shutterstock, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"In a recent announcement, bankrupt crypto lender Celsius has initiated additional withdrawals for certain eligible custody users. However, it’s important to note that only specific custody assets are currently available for withdrawal, while other cryptocurrencies such as Bitcoin (BTC) remain inaccessible.\u00a0 Starting November 29th, two groups, namely Class 6A General Custody Claims and Class 6B withdrawable custody claims, are eligible for withdrawals. Users within these groups have until February 28th to make their withdrawals.\u00a0 Qualifying users can withdraw 72.5% of their crypto, minus transaction fees, provided they did not participate in a previous custody settlement.\u00a0 Withdrawal Woes For Celsius Users In the November 29 announcement, Celsius urged users to withdraw these assets from the Celsius app immediately and to keep personal records of relevant information, as the app will only be accessible for a limited time.\u00a0 However, despite the withdrawal option, some Celsius users have experienced difficulties, according to reports on the X platform. This development comes as some 58,300 users hold approximately $210 million worth of assets that have been deemed “custodial assets” by the court. Related Reading: A Golden Opportunity For Ethereum? 600% Buy Signal Returns According to user responses to the Celsius announcement, there have been reports of login failures on the platform. Users claim to be experiencing errors even after attempting to reinstall the Celsius app.\u00a0 Additionally, some users have expressed concern that their Earn accounts are empty, further exacerbating the issues faced by former users of the crypto lending platform. One user specifically stated:\u00a0 While my frozen portfolio balance is visible, my custody balance shows 0. Transition To \u2018Creditor-Owned\u2019 Bitcoin Mining Company As reported by our sister website, Bitcoinist Celsius recently obtained approval from the bankruptcy court for its proposal to transition into a creditor-owned Bitcoin mining company.\u00a0 This plan involves repaying customers through a combination of crypto assets and stock in the newly established Bitcoin mining firm, which will be publicly listed. The distribution of assets is expected to commence in early 2024, pending endorsement from the US Securities and Exchange Commission (SEC).\u00a0However, Celsius acknowledges the possibility of liquidation if the crypto-mining proposal fails to materialize. Related Reading: Chainlink Signal Resurfaces: Is Another 31% Rally Coming? Celsius and its founder and CEO, Alex Mashinsky, have faced legal action from various entities, including the SEC, Federal Trade Commission (FTC), and the Commodity Futures Trading Commission (CFTC), for alleged misleading practices.\u00a0 Celsius promptly settled with the FTC, agreeing to pay $4.7 billion once the bankruptcy proceedings concluded. Mashinsky has been charged with fraud; his criminal trial is scheduled this year.\u00a0 Overall, the resolution of the reported issues faced by Celsius users remains uncertain, including the login difficulties and accounts displaying zero balances.\u00a0 It is yet to be determined whether these occurrences are temporary or persistent and how the platform intends to address them. The future actions and measures Celsius took to rectify these concerns are still to be clarified. The lender’s native token, CEL, is trading at $0.2533, up 5% in the past 24 hours. However, it is important to note that the token has yet to recover from its 2022 decline and remains down more than 50% year-to-date. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":563106,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86559],"tags":[322,428,640,642,6128,643,656,86358,86759,86202,83722,86563,86313,86197,86315,86312,86204,86562,86560,86561,86745,14690],"class_list":["post-563105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-celsius","tag-bankruptcy","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-mining-bankrupt","tag-bitcoin-mining-companies","tag-bitcoin-mining-company","tag-bitcoin-news","tag-cel","tag-cel-price","tag-cel-token","tag-celsius","tag-celsius-bankruptcy","tag-celsius-bitcoin-loans","tag-celsius-liquidation","tag-celsius-liquidation-price","tag-celsius-loan","tag-celsius-network","tag-celsius-price","tag-celusd","tag-celusdt","tag-chapter-11-bankruptcies","tag-crypto-news"],"acf":[],"yoast_head":"\n
Empty Accounts Discovered As Celsius Allows Crypto Withdrawals For Eligible Users<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n