NEW: CelsiusNetwork has asked a court to let it reopen withdrawals for custodial account holders. nikhileshde reports
Crypto lender Celsius Network, which is just over a month into bankruptcy proceedings, filed to return custody holders' funds to them early Thursday, ahead of a separate hearing to address ongoing questions about its efforts to restructure and relaunch its operations., Celsius has about 58,300 users who collectively deposited over $210 million with its custody and withhold, with 15,680 customers holding"Pure Custody Assets" worth around $44 million.
The argument is that unlike Celsius customers using its Earn or Borrow products, customers with custodial accounts still maintain ownership of their crypto assets. Celsius is merely acting as the storage provider. Therefore, these funds belong to the customers, not to Celsius' estate.
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