Crypto lender Celsius has announced that customers will be able to withdraw their funds from the platform for the first time since June 2022. All eligible user's Distributable Custodial Assets will be available for withdrawal minus applicable transaction fees. Celsius filed for bankruptcy in July that year following the Terra/Luna crash, owing 1.7 million customers a combined $4.7 billion. The withdrawals are of certain Custody Accounts and customers must update their Celsius account in order to comply with security and regulatory requirements.

Following the event, former CEO Alex Mashinsky was charged by New York Attorney General Letitia James with perpetrating fraud against hundreds of investors to the tune of billions in dollars. Mashinsky continues to deny any wrongdoing.

Celsius has sent emails and in-app notifications to specify which customers are eligible for withdrawals, detailed via the Distribution Schedule. Additionally, customers are allowed up to withdraw 72.5% of their funds, as well as a maximum of $7,575 for professional assessments.

Investing in cryptocurrency carries risk, and investors are highly encouraged to practice due diligence when making any type of investments. It is important to be aware of the cryptocurrency market and the ever-changing regulations associated with buying and selling. It is also advisable to seek professional advice and research extensively before doing any financial transaction.



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