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Celsius processes withdrawals worth $17.7M for custody account holders

Published date:

February 2, 2026

Celsius processes withdrawals worth $17.7M for custody account holders

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Cryptocurrencies can be volatile and high risk. Though our articles are for informational purposes only, they are written in accordance with the latest guidelines from tax agencies around the world and reviewed by certified tax professionals before publication. Learn more about our Editorial Process and Risk Warning.

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.

Court Hearing
Current company status as of February:
Eligle Custody Withdrawals
- KYC was reset for these customers
- 60% withdrew 21.2M out of 33M eligible
- 1900 tickets open (1 day is the oldest)
- 234 Transactions flag as high risk & stopped
- 5 attempted phishing attacks pic.twitter.com/A7qeOVWVm1
— CelsiusFactsNumbers (@CelsiusFacts) March 8, 2023

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).

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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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How we reviewed this article

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Ayush Pande

Written by:

Ayush Pande

Writer

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

Radica Maneva

Reviewed by:

Radica Maneva

Senior Editor

Radica is a Senior Editor at Bitcompare. She has worked for more than a decade at leading publications as an Editor across various industries, including crypto and finance.

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