At the hearing on Wednesday, Celsius discussed the reopening of withdrawals for certain customers. They are approaching customer recovery in stages, which is encouraged by US Bankruptcy Judge Martin Glenn’s order.
Previously, U.S. Bankruptcy Court Judge Martin Glenn issued an order that crypto lending platform Celsius Network must return approximately $44 million worth of cryptocurrency to users. As a result, Celsius stated that they are about to talk with their customers about their plans as a part of the return procedure.
During the hearing, the Court authorized Celsius to return digital assets not supported on the platform and pure Custody Accounts that were never in the Earn Program or Borrow Program, as well as transferred Custody Account assets below $7,575 (a specific legal threshold).
On December 8, the lending firm announced that they will be communicating directly with customers as quickly as practicable to share more about the thereof and its future plans. Additionally, they remain committed to ensuring that all similarly situated customers are treated similarly.
As their cases progress, Celsius said that they are looking forward to addressing issues pertaining to all of their customers while collaborating with the UCC, U.S. Trustee, and all other significant parties in their cases.
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