Eligible Celsius Users Might Be Able To Withdraw 94% Of Their Trapped Crypto

It’s been quite an experience for the Celsius users and their trapped crypto assets. But it seems like they might just be light at the end of the tunnel for these Celsius investors. Celsius tweeted about some information about withdrawals but investors will have to do some verifications before they can have their money back. After these verifications only 96% of their funds will they be getting back. That is great news in my own opinion, for someone like me that have lost a lot of money through investment and never got them back, I see this as a big win for the investors, if they get their money back of course.

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Celsius is known as a crypto lending platform that generates interest for you when you lend your money out on their platform. You also make money from just leaving your assets on you wallet. But unfortunately, the company went insolvent and couldn’t meet up with customer’s withdrawals. But soon we will be expecting Celsius users to have access to their assets soon. But they have to be eligible investors before they can get their assets back. There are certain conditions that have to be met, and some of them include another round KYC verification. If you have an asset that is not enough to cover its own gas fees when you are withdrawing your funds from Celsius, then you can’t be considered an eligible customer.

I think I fall in this category because I have some dust in my Celsius account, which are my interest from using Celsius but never withdrew them because I was expecting them to pump, but they didn’t pump. So I don’t consider myself eligible because it’s very small, so it’s quite fair that that is one of the conditions because if your asset can’t pay for your gas fees what’s the use of sending it.

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Once again, this is just a wake up call for us all about decentralized financing so we don’t have to deal with things like this all the time. Be responsible for your assets and use more of a non-custodial wallet and use decentralized finance platforms for lending or borrowing just so you can be responsible for your own assets.

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