Celsius Agrees to Open Withdrawals, But Only for Eligible Assets
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Bankrupt crypto lending firm Celsius Network said some of its clients that were using the Custody program could withdraw up to 94% of their eligible assets, Bloomberg reports.

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Celsius said in a court filing that users need "sufficient assets" in their accounts to cover withdrawal fees. Celsius' representative Kirkland & Ellis LLP added that the remaining 6% will be later decided by the court, without elaborating on the matter.

In December last year, a US bankruptcy court ordered Celsius to return approximately $44 million worth of crypto back to clients, who stored their assets in custody accounts.

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The order though doesn't cover all the cryptocurrencies stored on Celsius' balance. Besides a roughly $1.2 billion hole in its balance sheet, the now-bankrupt firm also owes its creditors around $4.7 billion. Celsius filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in July last year. The company said the restructuring would help it "maximize value for all stakeholders."

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