Hot News

Hot News

副标题

>
HAM will soon launch HAM Game World, a Metaverse 2.0 GameFi aggregation platform, to create a Web3.0 game platform that integrates SocialFi, DeFi, DAO, NFT and GameFi, building a free and open Game...
2022-09-26
>
Recently, the founder of BIKA had a In-depth One-on-One Conversation on the topic of Increased volatility in the crypto market provides greater opportunities to profit for both long- and short-term...
2022-09-23
>
Hero Card, a new PvP gameplay play-to earn card game of the already popular Dream Card game on Binance Smart Chain platform X World Games is coming!With its gaming innovation, crypto game - Dream C...
2022-09-18
>
The crypto exchange reportedly stepped in as a potential sponsor after the Champions League dropped Russian state-owned energy firm Gazprom.Cryptocurrency exchange Crypto.com has reportedly dropped...
2022-09-02
7*24

7*24

副标题

>
dYdX said on its social platform that due to excessive user participation, the activity of depositing more than $500 to get a $25 bonus has been stopped. Yesterday's news, dYdX announced that it wi...
2022-09-02
>
The data on the Tokenview chain shows that the current total holdings of Grayscale is 18.276 billion US dollars, and the trust premium rates of mainstream currencies are as follows: BTC, -32.69% ET...
2022-09-02
>
Yuga Labs metaverse project Otherside released a new promotional video on its social platform, and hinted that the project may announce new plans in Q4.
2022-09-02
>
The market shows that Ethereum hit $1,600 per piece, up 1.27% on the day.
2022-09-02
>
Johnnie Walker, a world-renowned whisky brand, has announced a partnership with NFT marketplace BlockBar and Web3 consultancy Vayner3 to release two new limited-edition "JohnnieWalker Blue Label Gh...
2022-09-02
>
According to the official Twitter, Volt Protocol and external auditors completed the economic and technical review of Compound Labs v2.0. It also identified risks common to loan pools, as well as C...
2022-09-02
>
Former Binance Labs head Bill Qian has joined Dubai-based cryptocurrency investment firm Cypher Capital as chairman. Qian will oversee the management and operations of Cypher Capital, which he said...
2022-09-02
>
According to Reuters, outflow documents show that the U.S. Department of Justice’s anti-money laundering unit in 2020 asked Binance to voluntarily hand over information about Changpeng Zhao and 12 ...
2022-09-02
>
According to the tip of Twitter user @SomerEsat retweeted by Yearn core developer banteg, the current updated versions of the Ethereum staking consensus client are as follows, Lighthouse's v3.1.0 v...
2022-09-02
>
Blockchain company Stably announced the issuance of its stablecoin USDS on the XRP Ledger (XRPL), and Ripple will provide Stably with the technical support needed to integrate USDS with the XRP Led...
2022-09-02
>
At the 2022 World Artificial Intelligence Conference, Qualcomm President and CEO Cristiano Amon's keynote speech pointed to the Metaverse. Ammon believes that the metaverse is the future of the Int...
2022-09-01
>
64 Celsius escrow account holders filed petitions in bankruptcy court, asking Celsius to return their funds outside of the proceedings. On Wednesday, the panel petitioned the New York Bankruptcy Co...
2022-09-01
>
The NFT series Fresh Fruit by Doja Cat x JBL released by Doja Cat and JBL headphones has been launched on the music NFT platform OneOf. NFT holders will have the opportunity to get front-row seats ...
2022-09-01
>
Middle Eastern cryptocurrency exchange Rain Financial has carried out a round of layoffs, although the number of layoffs was not disclosed. Rain Financial said, "We have to adjust future plans to e...
2022-09-01
>
Paul Veradittakit, a partner at Pantera Capital, said in his personal blog that now is a good time for well-capitalized crypto companies looking to expand their hiring, and Pantera Capital and its ...
2022-09-01
>
Indonesia’s government will launch a crypto exchange by the end of 2022, aiming to protect consumers amid growing interest in digital currencies, said Jerry Sambuaga, Indonesia’s deputy trade minis...
2022-09-01
>
According to Dune data, in August, the transaction volume of NFT platforms was US$750 million, down about 9% from the previous month, of which the transaction volume on OpenSea was US$496 million a...
2022-09-01
>
According to Tokenview data, Tether has officially frozen 16 USDT addresses since August, with a total amount of 18.98 million USDT.
2022-09-01
>
Binance Connect, a payment infrastructure provider backed by Binance, announced a new partnership with crypto wallet SafePal, according to an official Binance announcement. Users in SafePal will be...
2022-09-01
>
DAO Decentral Bank, which issued NEAR's native stable currency USN, announced the launch of an incentive plan of 1 million USN to stimulate the development of NEAR and Aurora ecological DeFi. The d...
2022-09-01

Celsius files to reopen withdrawals for a minority of customers

Issuing time:2022-09-02 11:58

Celsius has motioned for $50 million worth of the total $225 million held in the Custody Program and Withhold Accounts to be released to owners.

Screen Shot 2022-09-02 at 11.04.07.png


Beleaguered crypto lender Celsius Network has filed a motion with the United States Bankruptcy Court yesterday to allow customers with digital assets held in certain accounts to be withdrawn.

There’s a catch, however, as the motion will only apply to Custody and Withold Accounts and for custodied assets worth $7,575 or less in value.

Celsius has structured their Custody and Withhold Accounts, which essentially serve as storage wallets, in a way that still enables users to maintain legal ownership of cryptocurrency.

This ownership however is not extended to assets held in accounts that offer annual crypto earnings or borrowing services (Earn and Borrow accounts).

The community response to the motion has been mixed, with creditors happy that Celsius Network has conceded funds held in its “Custody Program and Withhold Accounts likely do constitute property of their estates.”

However, as tweeted by BnkToTheFuture.com CEO Simon Dixon — the community believes the amount Celsius wants to release is far short of what is equitable.

As Dixon points out, only $50 million of the $210 million held by 58,300 users in custody accounts is set to be released, with all funds above $7,575 which were transferred from the Earn Program and Borrow Program into Custody and Withhold accounts not included within the released amount.

The $7,575 amount is referred to as the “statutory cap” and Celsius is unable to avoid transferring amounts less than this total upon creditor requests as per section 547(c)(9) of the Bankruptcy Code.

The filing also mentions that an additional $15.33 million is held in Withhold Accounts by approximately 5,000 customers as of Aug. 29.

To attain that $50 million figure, Celsius lawyers have distinguished between “Pure Custody/Withhold Assets” and “Transferred Custody/Withhold Assets,” with “Pure” assets those which were not transferred from the Earn or Borrow Programs. This division of funds has not been well received by community members.

In response to a Sept. 2 Twitter post from Celsius, countless community members have made it known that they want nothing short of all their funds back.

Celsius states that assets locked in the Earn and Borrow Programs are likely property of their estates, with transfers of these assets to Custody or Withhold accounts being described as “a transfer of the Debtors’ property to customers.

Within the filing, Celsius states that the “relief sought in this Motion may not be supported by every customer or stakeholder, and that it may not go as far as some Custody Program customer and Withhold Account holders may wish.”

It suggests the motion is merely a “first step forward, and not the last word on, efforts to return assets to customers.”