Celsius interim CEO Chris Ferraro reported that eligible custody account holders withdrew $17.7M in crypto after the bankrupt lender reopened withdrawals on March 2.
Celsius submitted a presentation detailing its bankruptcy proceedings during a recent court hearing. As per the document, 60% of eligible users have initiated a KYC reset, with the majority passing the verification process.
The document said the withdrawals are being processed automatically under its 24-hour Service Level Agreements (SLAs).
Celsius also revealed a net inflow of $197M since it filed for chapter 11 bankruptcy protection in July 2022. Presently, the bankrupt lender holds a sum of $139M in its possession.
The presentation reported a net increase in Celsius’ gross margin due to higher Bitcoin prices. However, the firm’s operational mining rigs suffered a decline at the beginning of the year. This is because Core Scientific received court approval to shut down over 37K mining rigs tied to Celsius’ mining ventures on January 3.
Blockchain analytics firm Arkham Intelligence said Celsius opened a new crypto wallet that holds $25M in crypto to facilitate the withdrawal process. Arkham also claimed that Celsius burned $500M in wrapped Bitcoin (wBTC) last month.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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