Mar 03, 2023

Celsius Customers Withdraw Funds After 263 Days

Crypto customers were overjoyed after finally being able to withdraw their funds from the bankrupt Celsius Network, a web3 agency, 263 days after the lender froze withdrawals.

On March 2nd, customers who held funds in Celsius’ Custody accounts received an email allowing them to process their withdrawals. Many reported receiving their funds within minutes, while others experienced delays due to a backlog of withdrawal requests.

The email sent to eligible customers stated that those who had only ever held funds in custody accounts were able to withdraw 94% of their original funds, while those who had transferred funds from the earn or borrow programs to a custody account were able to withdraw 72.5% of their funds, up to a maximum of $7,575.

The withdrawals were only available to United States residents, much to the disappointment of customers with funds in other accounts offered by Celsius. Custody account holders may yet be able to get back the other 6%, pending future court hearings.

Celsius had first announced they would be freezing withdrawals on Jun. 13, 2022, citing “extreme market conditions,” before filing for bankruptcy on Jul. 13.

In light of the news, many crypto enthusiasts are now looking to NFTs, or non-fungible tokens, as a way to promote their crypto assets. NFTs are digital assets that are unique and can be used to represent a variety of digital items, from artwork to music and even digital collectibles.

NFTs are becoming increasingly popular as a way to promote crypto assets, as they are easily transferable and can be used to create unique digital experiences. Many crypto enthusiasts are now turning to NFT marketing agencies to help them promote their assets, as well as to sell NFTs.

Twitter is also becoming a popular platform for NFT promotion, as it provides users with a platform to create unique and engaging content to promote their NFTs.

Overall, the news of Celsius customers being able to withdraw their funds is a positive development, and has sparked renewed interest in the web3 space. As more people turn to NFTs as a way to promote their crypto assets, it is likely that the demand for NFT marketing and NFT promotion services will continue to grow.

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