Celsius Aims to Return Custody Clients' Funds

by in Cryptocurrency News

Celsius crypto lending

Celsius, a cryptocurrency lender which filed for bankruptcy nearly a month ago, filed a request to return custody holders' funds while implementing a restructure and resuming of its services.

Related: Celsius Becomes the Next Crypto Company to Apply for Bankruptcy

The paper says the company has about 58,300 users who made deposits of more than $210 M with custody and withhold 15,680 customers having "Pure Custody Assets' with nearly $44 M of value. The request will be discussed during a hearing on Oct. 6. By it, Celsius aims to reopen withdrawals for certain clients.

Celsius’s clients have written a lot of letters to the court informing about difficulties they have faced as a result of the suspension of activities. Several users asked to re-open withdrawals and liquidate its own funds if need be to make customers whole.

The question is that compared to the customers who used Earn and Borrow products, those who used custodial services are the owners of their cryptocurrencies. In that case, Celsius serves as a platform providing storage.