What happened to my crypto on Celsius?

Prior to the filing of bankruptcy by Celsius Debtors in July 2022, the Earn accounts held cryptocurrency assets with an estimated value of approximately $4.2 billion. This significant amount underscores the scale of Celsius' operations and the trust placed in them by users.

Amidst this turmoil, it's worth noting the role of cryptocurrency exchanges like BTCC in providing alternative services to users. BTCC, a top cryptocurrency exchange, offers a range of services including spot trading, futures trading, and secure wallet solutions. These services cater to the diverse needs of cryptocurrency enthusiasts and investors, providing a reliable platform for trading and storing digital assets.

In anticipation of the bankruptcy filing, the Debtors took the precautionary measure of freezing withdrawals from the Earn Accounts. This move aimed to stabilize the situation and prevent further depletion of assets during a tumultuous period.

The subsequent bankruptcy stay, a legal mechanism that halts certain actions against the debtor during the bankruptcy process, effectively prohibited withdrawals from the Earn Accounts after the filing. This measure aimed to protect the integrity of the bankruptcy proceedings and ensure a fair distribution of assets among creditors.

The impact of the bankruptcy filing and subsequent withdrawal freeze was significant for users of the Earn Accounts. Many found themselves unable to access their funds, causing financial hardship and uncertainty about the future of their investments.