Celsius Gets Ownership Rights Of $4.2B Customer Crypto Deposits
According to reports, a US Bankruptcy judge has granted the Celsius Network ownership rights to $4.2 billion in customer crypto deposits. The judge explicitly ruled that the crypto lender owns most of the assets that were deposited into its online platform. This means, most Celsius customers will not be prioritized during repayment. However, customers who held non-interest-bearing accounts along with other secured creditors will stand fairly ahead in the priority queue. JUST IN: Judge grants Celsius Network ownership rights to $4.2 billion in customer #crypto deposits. — Watcher.Guru (@WatcherGuru) January 4, 2023 Also Read: FTX Investors Realize $9B In Losses: 3AC, Celsius’ Numbers Much Higher Will Celsius’ ‘Earn’ Customers Get Nothing? The latest ruling impacts around 600,000 accounts that together held assets worth more than $4 billion. The judge, Martin Glenn, noted that the company does not have enough funds to fully back those dep...