Data monitored by Lookonchain shows that after a rebound in the early morning of Beijing time, Celsius address received 7,000 ETH (worth about $16.45 million), and these funds may soon be transferred to an exchange.

Celsius, the cryptocurrency lending platform that filed for bankruptcy in July 2022, has started allowing withdrawals for some of its users enrolled in the Custody Program. These users can withdraw 72.5% of their cryptocurrency holdings, but transaction fees will reduce this amount. The deadline for these transactions is February 28, and it is important to note that this opportunity is not available to customers who voted against the reorganization plan. Celsius has faced technical challenges during this process, and legal battles continue for its CEO, Alex Mashinsky.

Celsius announced on X platform that qualified custodial users can make additional withdrawals starting today, but currently the only assets that can be withdrawn are certain custodial assets. All other cryptocurrencies are still unable to be withdrawn. The platform suggests that users withdraw these assets from the Celsius application and immediately obtain personal records of potentially useful information, as the Celsius application is only available for a limited time.

Lookonchain has monitored that within the past 8 hours, two Celsius wallets have transferred approximately $62 million in assets, including:

According to Lookonchain monitoring, Celsius deposited 5,000 ETH ($10.12 million) into Binance and OKEx through FalconX 7 hours ago.

According to LookonChain's monitoring, Celsius transferred 5160 ETH (worth about $10.63 million) to FalconX, as reported by ChainCatcher.Celsius also transferred a large amount of tokens to exchanges and FalconX 5 days ago, possibly planning to sell some assets if the price rises.

According to the market data from Okex, CEL reached a high of 0.3 USDT and has now fallen to 0.28 USDT, with a 24-hour increase of 42%. Earlier today, it was reported that Celsius had filed a lawsuit seeking reconciliation with Three Arrows Capital. If successful, the original debt of $1 billion will be significantly reduced to $33 million.

Bitcoin mining service company Luxor said that its upcoming Bitcoin hash rate support product should not be compared to the failed products of BlockFi or Celsius because Luxor's product returns come from proof of work (PoW) and not from a "Ponzi scheme". Luxor's product allows investors to provide Bitcoin as collateral to Luxor to obtain a portion of the loan repayment, and then Luxor lends it to other miners for their operations; returns are generated when hash rate is "locked" by purchasing it at a discounted price from Bitcoin miners and selling it at a higher price. The Bitcoin rewards from mining come from that hash rate. Luxor expects investor returns to be between 10% and 13%. This process will be managed through Luxor's upcoming hash rate market. (Cointelegraph)

Bankrupt crypto lending platform Celsius has found a way to fund its proposed restart. Celsius' lawyer, Christopher S. Koenig, stated in the bankruptcy proceedings that the company plans to exit bankruptcy with $450 million in seed funding. This funding will come from Fahrenheit LLC, a group of companies highly involved in the Celsius bankruptcy case. Fahrenheit won the Celsius asset bidding in May 2023 and voted on the asset sale in August.

Creditors of bankrupt crypto lender Celsius have approved a plan that would return 67%-85% of holdings to them, pending final approval from the court. The U.S. Trustee has objected to the plan, and a confirmation hearing for final approval is scheduled for Oct. 2. The reorganization plan includes the sale of assets to crypto consortium Fahrenheit Holdings, which won a bid to acquire Celsius Network in May 2023. The vote marks a step towards the end of Celsius' bankruptcy and the return of funds to customers, despite the arrest of former CEO Alex Mashinsky on fraud charges.