Bankruptcy ridden crypto company Celsius had on Thursday filed a motion seeking to reopen customer withdrawals.The motion sought entry of an order authorizing the debtors to reopen withdrawals for custodian accounts.The request is pertaining to assets held belonging to certain customers in the custody program.The crypto lender filed for Chapter 11 bankruptcy on July 13 following several efforts to return loans.
Earlier, in June, the company halted customer withdrawals citing extreme market conditions.
The action was in the interests of Celsius to honor its withdrawal obligations.
Celsius Custodian Withdrawals
In its preliminary statement in the motion, Celsius said its aim is to maximize value and to quickly distribute it to customers.It stated that the customer assets in custody program and withhold accounts are not likely a part of the company’s assets.
“The debtors’ principal goal in these chapter 11 cases is to maximize the value of their estates and distribute that value to their customers as quickly and fairly as possible.
The cryptocurrency assets in the custody program and withhold accounts likely do not constitute property of the company’s estates.”
As of last week, the company said it holds custody assets of approximately 58,300 users.The custody customers are worth aaround $210.02 million in the aggregate, it mentioned in the motion .“Of the custody customers, approximately 15,680 hold pure custody assets that are worth, in the aggregate, approximately $43.87 million.” Also, around 5,000 users hold withhold assets that are worth approximately $15.33 million as of August 29.And of the withhold customers, approximately 470 hold pure withhold assets that are worth approximately $702,360.
Trending Stories
On Setting Off Dues Owed To Customers
The company mentioned that it needs to consider the extent to which they may hold a right to setoff against dues owed to customers.“One of the principal goals in the chapter 11 cases is to return value to customers.It must be balanced along with the debtors’ duty to maximize the value of their estates for the benefit of all creditors and their obligation.”
– [Breaking: Vasil Hard Fork Month Starts With Robinhood Listing Cardano (ADA)]
– [New Bitcoin Lows After Michael Saylor Lawsuit, Here’s Why]
– [Bitcoin (BTC) Price To Remain Inactive In September? Here’s What Analysts Say]
– [Polygon (MATIC) Price Awaits Rally To $1 After This Latest Update]
– [Crypto Community Splits Over Michael Saylor Tax Fraud]
– [How California Crypto Regulation Bill Can Affect The Market?]
– [Breaking: Ethereum Merge Could Happen Before September 15, Here’s Why]
– [There Will No More OpenSea NFTs on ETH PoW Very Soon]
– [Bitcoin Price Might Suffer More In September; Suggest Experts]
– [After Twitter and Instagram, Is Web 3.0 Plagued By Bots?]
– [Litecoin Price Jumps 6% In Two-Day; Are You Still Buying?]
– [Bitcoin Price Support Near $19,800 Aided Recovery; Are Gains Sustainable?]
– [This Level Remains Critical For Ethereum Price Next Round Of Action; Here’s Why]
– [Can this Bullish Pattern Assist BTC Buyers in bottoming at $19500?]
– [$0.064 Support Breakdown Position TRX Price For 10% Fall]
– [Can This 8% Reversal From $3.7 level Encourage NEAR Price recovery?]
– [AAVE Price Remains Pressured Below $85.0; Is Correction Just Begins?]
– [Bullish pattern Spotted On CRV Chart; When’s The Right Time To Buy?]
– [Ethereum Price Retest $1,600 Amid Low Volatility; A Bull’s Trap?]
– [After Falling 27% EOS Price Recovers Toward $1.50; Time To Enter?].
