Celsius has motioned to release $50 million of the $210 million funds held in custody accounts.
Troubled crypto lending firm Celsius has filed with the US Bankruptcy Court a motion to allow customers to withdraw their digital assets from some select accounts. The motion will only apply to Custody and Withold Accounts. These accounts serve as storage wallets and allow users to maintain legal ownership of their digital assets.
However, only $50 million of the $210 million held in these accounts will be released. Also, all the funds above $7,575 transferred from Earn Program and Borrow Program to these accounts won’t be eligible for the withdrawal. Celsius is obliged to pay back amounts less than $7,575 under Section 547(c) (9) of the Bankruptcy Code.