Crypto lender Celsius Network is allowing withdrawals of assets from certain custody accounts, according to a tweet on Tuesday. The firm paused withdrawals last June, citing extreme market conditions. Eligible users will be able to withdraw all the funds in their accounts up to a certain limit, the company said in an earlier blog post.
Celsius has secured approval from a U.S. court to process certain withdrawals in January. In February, Celsius published a list of names of users who could withdraw assets from the platform.
The company said at the time it had permission from the U.S. Bankruptcy Court in the Southern District of New York to distribute 94% of each user’s assets. Eligibility for withdrawals was dependent on certain criteria such as that transfers had to be less than $7,575 when they were initiated.
Celsius, a crypto lending startup, paused withdrawals last June, citing extreme market conditions. A month later, it filed for Chapter 11 bankruptcy protection as it struggled with liquidity issues. The lender was hurt by the crypto winter, in which billions have been wiped out of the crypto market in months, as several prominent companies such as stablecoin issuer Terra collapsed.