Celsius Network is currently going through the Chapter 11 bankruptcy process. Celsius received approval to process certain customer withdrawals last week. Those eligible to withdraw are those who deposited after the lender filed for bankruptcy.

Days after US Bankruptcy Court for the Southern District allowed Celsius Network to return funds transferred to the platform after the company filed for Chapter 11 bankruptcy in July 2022, the crypto lender has now published a list of those eligible for withdrawals.

Besides publishing the list, Celsius has emphasized that eligible creditors will be required to first update their accounts with KYC and AML data before being allowed to proceed with withdrawals.

It is worth noting that Celsius Network halted withdrawals in June 2022 before proceeding to file for bankruptcy in July. Creditors have since been waiting for a chance to withdraw their funds from the platform and it seems it is just a matter of time now.

On January 31, the crypto lender released an official update about the upcoming withdrawals and provided a list of those who will be eligible to withdraw funds. Most importantly, those eligible will only be allowed to withdraw about 94% of the eligible custody assets.

The court is expected to make a decision on whether the users will be able to withdraw the remaining 6% of their assets later.

Celsius also noted that eligible users must have sufficient assets to cater for the transaction and gas fees. It wrote:

“Eligible users who do not have sufficient assets in their accounts to satisfy these fees will not be permitted to withdraw their assets.”

Celsius laid out how it intends to carry out the entire withdrawal process in a 1,411-page court filing that contains the full names of those eligible for withdrawals alongside the type and amount of assets they had deposited with Celsius.

The post Celsius publishes list of those eligible for withdrawals appeared first on CoinJournal.

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