Good news to all Celsius users as it files a new motion

TL;DR Breakdown
  • Celsius submits a new motion to the court
  • The company announces the conditions of the new update
  • Users show mixed reactions to the update

Celsius has released a new update saying that it had just submitted a new motion which will see select platform users will be able to take funds. According to the statement, the firm noted that it filed the motion, which will allow only users whose funds are in specific accounts to withdraw them. However, the catch in the whole motion will see only users who use the withhold accounts take their funds.

Celsius adds a catch to the new filing

According to the company’s statement, only traders with about $7,575 or a lesser amount in their custody accounts will be able to take the funds. The company was said to have designed it to enable the owners to lay legal and rightful claims to the funds in it. The account is a wallet for customers to store their digital assets.

The statement also confirmed that customers who held their assets in the Borrow accounts would unfortunately not be able to take out funds from it. As expected, the Celsius community has reacted differently to the new update. While some are happy that funds in the storage wallets can be taken out, others are not too happy about the second update.

Users show mixed reactions to the update

According to a tweet by a CEO of a crypto platform, Simon Dixon, he believes that the platform is releasing a lesser amount of funds than it actually can. In his tweet, Dixon mentioned that the total amount held on the platform by the over 58,000 users was more than $120 million. He further mentioned that the company would only release $50 million if it followed this policy. These released funds will not include funds that have been moved from the Earn and Borrow account. In order to fill up the $50 million figure, the Celsius team has demarcated between pure and transferred assets.

The community has also frowned upon this method of dividing the funds. In addition, most members have communicated on Twitter that they expect the company to pay back all their funds. Celsius has also noted that the funds currently locked in the earn accounts are theirs. The company also said it is a first step toward helping users retrieve their money on the platform. This motion is coming off the back of a few investors that filed a class action motion against the company. In their filing, the users said that as per the terms on the platform, their funds were expected to be with them.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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