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Celsius Network gets approval to process certain customer withdrawals

Celsius Network has received approval to process some customer withdrawals. Two orders have been issued by a US bankruptcy court One approving certain withdrawals and the other approving the Flare token airdrop. Embattled crypto lender Celsius Network has received approval through several court orders allowing the lender to process certain customer funds withdrawals. One approval […]

The post Celsius Network gets approval to process certain customer withdrawals appeared first on CoinJournal.

  • Celsius Network has received approval to process some customer withdrawals.
  • Two orders have been issued by a US bankruptcy court
  • One approving certain withdrawals and the other approving the Flare token airdrop.

Embattled crypto lender Celsius Network has received approval through several court orders allowing the lender to process certain customer funds withdrawals.

One approval signed by US Bankruptcy Court for the Southern District of New York Judge Martin Glenn authorizes the lender to return funds transferred to the platform after the company filed for Chapter 11 bankruptcy in July 2022. The other approval authorizes the lender to go ahead with its planned Flare token airdrop to eligible holders of Ripple (XRP) on the platform.

The court orders follow a case filed by Celsius layers in court on Tuesday requesting the lender to be allowed to return funds to creditors with locked assets above a certain threshold. The attorneys said that other customers, who make up the majority of the lender’s customer base, would receive “a one-time distribution in liquid crypto.”

Although the plan by the attorneys is yet to receive approval from the US Trustee’s Office and other regulators, the court orders allowing the processing of specific withdrawals will be a huge relief for those who will get their funds back.

How the Celsius withdrawals will work

According to the court orders customers will be allowed to withdraw any funds they transferred in form of crypto to the cryptocurrency lender after it filed for Chapter 11 bankruptcy. The withdrawals will be “net of any gas fees or transaction costs.”

Additionally, if the amount exceeds $40,000 and the transferor received over $200,000 from Celsius during the three months leading up to the bankruptcy filing, the withdrawal will require to be approval by the appointed committee of creditors.

XRP token holders on the Celsius platform will also be allowed to receive their Flare token airdrop. Flare, a decentralized finance (DeFi) application that uses XRP tokens carried out Flare tokens distribution earlier this month to XRP token holders who held at least one XRP token. Celsius itself qualifies to receive 150 Flare tokens going by the amount of XRP tokens it holds.

The post Celsius Network gets approval to process certain customer withdrawals appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Pro: the recent rally in Bitcoin may not be ‘sustainable’

Katie Stockton expects a pullback in Bitcoin price ahead. She explained her “neutral” view on CNBC’s “Squawk Box”. Bitcoin has climbed roughly 40% since the start of 2023. Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily. […]

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

  • Katie Stockton expects a pullback in Bitcoin price ahead.
  • She explained her “neutral” view on CNBC’s “Squawk Box”.
  • Bitcoin has climbed roughly 40% since the start of 2023.

Bitcoin has now surpassed the key $23,000 level but Katie Stockton of Fairlead Strategies continues to recommend caution as the recent rally could reverse just as easily.

Stockton defends her stance on CNBC

Year-to-date, the first ever decentralised cryptocurrency has gained about 40% – a strength she says is an opportunity for investors to pull out.

Reiterating her “neutral” stance on Bitcoin, Stockton said this week on CNBC’s “Squawk Box”:

When you see such strong, steep rallies, they’re more characteristic of countertrend moves. At one point, we had 14 consecutive up days this month for BTC. So, we’re sceptical to its sustainability and see it as countertrend.

The upcoming week is a crucial one for Bitcoin because of the Fed’s announcement. The CME FedWatch Tool currently signals a more than 98% probability of a 25 basis points hike this time.

Bitcoin has broken above its 200-day MA

Also on Sunday, a top trader and analyst, Peter Brandt warned of a near-term pullback in BTC. Others, including Michael van de Poppe and Credible Crypto have a similar opinion as well.

Interestingly, Bitcoin is now trading meaningfully above its 200-day Moving Average. Still, Katie Stockton said:

This has happened before and it proved to be a false breakout. So, we’re not convinced we have a breakout here. But it’s an incremental positive. We hope this manifests in our longer-term indicators which still very much point lower.

She’s not particularly constructive either on the benchmark S&P index that’s up more than 6.0% for the year at writing.

The post Pro: the recent rally in Bitcoin may not be ‘sustainable’ appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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