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Crypto Lender Celsius Pursues $2B Pre-Bankruptcy Exodus

Bankrupt crypto lender Celsius has begun demanding customers who made major withdrawals in the three months preceding its bankruptcy to return their funds or face legal action. A committee-supervised administrator has sent letters to customers who withdrew more than $100,000 each between April 14 and July 13, 2022. The withdrawals reportedly totaled over $2b collectively before Celsius’ July 2022 bankruptcy. Assets recovered will be used to repay creditors who didn’t take out funds from Celsius, Bloomberg reported Wednesday, citing the letter. Celsius is trying to reclaim the $2b withdrawn using a legal strategy known as the clawback provision.


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