A new update regarding the Celsius bankruptcy case came on Jan. 4 as Judge Martin Glenn ruled that the funds deposited to Earn Accounts, which amount to $4.2 billion, are the property of Celsius, not the investors.
The ruling document states:
“The Court concludes, based on Celsius’s unambiguous Terms of Use, and subject to any reserved defenses, that when the cryptocurrency assets (including stablecoins, discussed in detail below) were deposited in Earn Accounts, the cryptocurrency assets became Celsius’s property; and the cryptocurrency assets remaining in the Earn Accounts on the Petition Date became property of the Debtors’ bankruptcy estates (the “Estates”).”
According to the document, Celsius had around 600,000 accounts in its Earn program when the account holders filed the lawsuit. The funds deposited in these accounts amounted to $4.2 billion as of July 10, 2022.
Related Readings:
Celsius Files Motion To Extend the Bar Date
Celsius Bankruptcy Case ‘Administrative Expenses’ Add Up to $53M
Core Scientific Will cut Power to 37,000 Celsius Miners
Investors Seek To Sell FTX, Celsius, BlockFi, Voyager Claims
All Comments