Celsius Custody Update & Voyager Withdrawals | Summary and Q&A

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May 10, 2023
by
Aaron Bennett
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Celsius Custody Update & Voyager Withdrawals

TL;DR

This video provides updates on how to withdraw assets from Celsius if you had custody, the uncertain status of distributions for earn participants and loan borrowers, and the situation with Voyager's claims and holdbacks.

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Questions & Answers

Q: How can Celsius users withdraw their custody assets?

Celsius users with custody assets can withdraw 36.25% today by completing their KYC and paying the respective withdrawal fees. The next withdrawal will likely be available by the end of the year.

Q: What is the current situation for Earn participants and loan borrowers?

The distribution plan for Earn participants and loan borrowers is still uncertain due to ongoing auctions and regulatory approvals. The exact amount they will receive in liquid distributions or other forms of compensation is yet to be determined.

Q: Why are there holdbacks and litigation involving Voyager?

Voyager is experiencing litigation between FTX Alameda and itself, leading to holdbacks of $445 million. The outcome of the litigation will determine if Voyager creditors can receive a distribution from this amount.

Q: What happens if Voyager app users do not withdraw their assets?

If Voyager app users do not withdraw their assets within the designated 30-day window, they will receive their funds either through a check or an ACH withdrawal.

Q: What will happen to unsupported coins on the Voyager app?

Unsupported coins on the Voyager app will be liquidated, and users will receive USDC (a stablecoin) instead.

Q: Can VGX holders withdraw their assets?

VGX holders cannot withdraw their assets directly. Instead, they will receive USDC in lieu of the VGX coins.

Q: Is it possible to sell your claim in the Voyager bankruptcy case?

Yes, it is possible to sell your claim in the Voyager bankruptcy case if you choose to do so. Companies like Cherokee Acquisition have been buying claims from individuals looking to sell. This may be an option for those who want to exit the process due to emotional stress or financial needs.

Summary & Key Takeaways

  • Celsius: Those with custody assets can withdraw 36.25% today, but withdrawal fees apply; Earn participants and loan borrowers still await confirmation of liquid distributions and other forms of compensation.

  • Voyager: Litigation between FTX Alameda and Voyager is causing holdbacks of $445 million; $135 million is allocated for wind-down costs and litigation reserve, $50 million for admin and priority tax claims, and $74 million for other holdbacks.

  • Voyager app users will have 30 days to withdraw supported coins, while unsupported coins will be liquidated for USDC; VGX holders will receive USDC instead of the coin itself.

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