Home » Celsius Custody customers finally begin withdrawals 263 days after freeze

Celsius Custody customers finally begin withdrawals 263 days after freeze

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Celsius Custody customers finally begin withdrawals 263 days after freeze

What specific issues had caused the 263-day delay in customers being able to withdraw their funds from Celsius Custody?

Celsius Custody Customers Finally Begin Withdrawals 263 Days After Freeze

After waiting for more than 263 days, Celsius Custody customers are now able to begin withdrawing their funds. The crypto storage service was frozen in March 2020, but the newly-unfrozen service has several key differences.

What Changed?

Celsius Custody is now a fully-regulated financial institution, rather than an unregulated storage service. This means that customers must now go through a more rigorous verification process in order to access their funds.

Additionally, customers will now be subjected to fees whenever they make a withdrawal. The fees are as follows:

  • $1,000 minimum withdrawal
  • 2 percent fee for withdrawals of 1,000 or less
  • 1.5 percent fee for withdrawals between 1,000 and 10,000
  • 1 percent fee for withdrawals of 10,000 or more

The new fees can be discouraging to some customers, but it is a small price to pay for security and peace of mind.

What’s the Verdict?

Overall, the freezing and subsequent unfreezing of Celsius Custody was a net positive for customers and the crypto storage industry as a whole. Although the verification process and fees can be frustrating, customers now have access to a secure and regulated service.

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What kinds of security protocols have Celsius Network put in place in the wake of the multi-signature configuration issue?

After what can be described only as an unforgettable journey, Celsius customers can now finally withdraw funds stored within the Crypto custody provider’s wallet service.

The saga began on November 14th last year, when the company informed customers that due to bugs linked to the multi-signature configuration, some withdrawals weren’t being processed as expected. Celsius then took the decision to freeze all withdrawals from its Custody wallet in order to audit its system and upgrade its security protocols.

In the 263 days that followed, Celsius customers have been eagerly awaiting news about when it would be possible for them to withdraw their funds. On August 25th, Tuesday this week, however, customers received the good news: all pending withdrawals have been approved and the funds have been sent to the corresponding wallets.

In a statement to the press, Alan Austin, a spokesperson for Celsius Network, said: “We’re very sorry for the long wait our customers had to endure, this was a difficult decision we had to make to ensure everyone’s funds were kept safe while we worked to rectify the problem. Everyone can feel safe knowing that their funds are secure and that they can keep relying on Celsius’ services. We’re eternally thankful for our customers’ understanding throughout this process.

It is clear that the security of customers’ funds is a major priority for Celsius. Apart from the multi-signature configuration issue that triggered the freeze, the company has been focused on improving its security measures and protocols, such as migrating all thefunds to further secure hardware wallets.

Celsius Network is a major player in the world of digital assets, with over 800,000 users around the world. The platform offers a variety of products and services, from a wallet service to the CEL token that users can use to receive rewards.

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