Celsius Users: Withdraw 94% of Crypto Assets Before It’s Too Late!
Summary
- Celsius, a bankrupt cryptocurrency lending firm, has issued an official statement regarding the pending withdrawals for eligible users.
- Eligible users are required to update their accounts with AML and KYC information before withdrawals can be processed.
- The examiner’s report also alleges that Celsius and its founder, Alex Mashinsky, failed to deliver on their promises regarding the Celsius (CEL) token and other business ventures.
Overview of Withdrawals
Celsius, a bankrupt cryptocurrency lending firm, has published a list of eligible users who can withdraw 94% of their crypto assets from the platform. Eligible users are required to update their accounts with Anti-Money Laundering (AML) and Know Your Customer (KYC) data before withdrawals can be processed. In addition to the necessary information, eligible users will also need to pay gas and transaction fees in order to complete the withdrawal process.
Examiner’s Report
An 1,411-page court filing submitted by court-appointed examiner Shoba Pillay sheds light on various aspects of Celsius‘ operations. The report reveals that Celsius utilized Quickbooks software for financial management similar to FTX and Alameda Research. It also alleges that Celsius and its founder Alex Mashinsky failed to deliver on their promises regarding the Celsius (CEL) token as well as other business ventures which caused financial hardship for many customers.
Risk Factors For Withdrawals
Before proceeding with any withdrawals, it is important that all eligible users update their accounts with AML and KYC data as well as provide a withdrawal destination address in order to successfully retrieve 94% of their assets. Those who do not have enough funds in their account may not be able to cover gas or transaction fees associated with the withdrawal process which could lead to an inability for them to retrieve those funds.