Celsius to receive $70 million
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An editor at Coincrop
05 Sept 2022 | 2 min read
irklan & Ellis LLP, the law firm representing Celsius, filed a report expecting that the bankrupt crypto lender will receive an influx of cash in early October. Celsius is set to receive almost $70 million next month, on account of their USD denominated loans maturing. Celsius expects to fund its operations through the end of year using the loan repayment.
Celsius disclosed to its users that it submitted a motion to request reopening withdrawals for 'specific custody and withhold accounts'. The twitter thread explained that withdrawals will only be available for accounts without any outstanding loans.
Furthermore, Celsius plans to release approximately $50 million of the $210 million in custody accounts. The significant difference is because only 'pure' custody accounts are able to be withdrawn from.
The timing of the newly discovered cash cannot be understated, as Celsius was in dire straits prior to this revelation. According to Budget and Coin report in August, it was estimated that Celsius would run out of money by October.
Since it went into Chapter 11 bankruptcy, the cash-strapped crypto lender has been received a number of offers for financial assistance.
JonathanAn editor at Coincrop
Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.
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