Cryptocurrency lender Celsius asks court to unfreeze $225 million in withdrawals to customers

This morning, the company filed a motion with the court outlining requests to unfreeze $225 million to allow customers to withdraw funds.

The platform asked the court to do this for a reason. It stated that the Custody Program and Withhold Accounts are not the company's property, which implies that the court cannot freeze them.

As of August 29, Custody Program has $210 million in its accounts, while Withhold Accounts has about $15 million. Based on those numbers, the company can expect to unfreeze and withdraw funds from some clients.

The court in New York has scheduled a hearing for October 6 and may even accept the company's terms since the money does not technically belong to it, and it would be really advisable to give at least some of it to the clients. 

After all, when Celsius announced a "hole" of 1.2 billion dollars due to "extreme market conditions," the market was not out of the blue. Many began to refer to the company as unreliable or even fraudulent.