FTX Gets Green Light to Recover Funds; Celsius Initiates Withdrawal Amid Empty Account Rumors

By: Isha Das

The failed crypto exchange, FTX, has been granted permission to sell a considerable amount of shares held in multiple digital asset trusts. This move forms part of the recovery efforts to salvage funds after its collapse. As FTX attempts to recover, another crypto lending platform that filed for bankruptcy, Celsius, has started letting eligible users to withdraw their assets. FTX is planning to put up for sale some 32 million shares in an attempt to restore losses and restructure the exchange.

On the other hand, Celsius has also been actively taking steps to move forward, amidst bankruptcy. It has announced to provide an opportunity for its eligible users to withdraw their digital assets. However, not all cryptocurrencies are yet available for withdrawal. The majority of crypto assets, including Bitcoin (BTC), still remain inaccessible. Several complaints have been made of login issues on the Celsius platform and concerns are being expressed on account balances showing zero.

Despite the ongoing challenges, Celsius has expressed ambitions to transition into a creditor-owned Bitcoin mining company. The Newport Beach-based crypto lender got approval from pertinent authority for its plans involving repaying customers with a mixture of crypto assets and stock in the newly formed Bitcoin mining firm.