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  4. Celsius Judge Will Decide Whether Lender Owns Customer Crypto
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Celsius Judge Will Decide Whether Lender Owns Customer Crypto

A federal judge will decide whether Celsius owns customer cryptocurrencies.Celsius asked for permission to sell $18 million of crypto to cover operating expenses.Creditors claim...
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Celsius Judge Will Decide Whether Lender Owns Customer Crypto Celsius Judge Will Decide Whether Lender Owns Customer Crypto

  • A federal judge will decide whether Celsius owns customer cryptocurrencies.
  • Celsius asked for permission to sell $18 million of crypto to cover operating expenses.
  • Creditors claim unclarity in the terms of service which altered over time.

A pivotal legal issue will be decided in federal court regarding whether depositors at Celsius Network LLC relinquished ownership of their cryptocurrencies in return for interest payments. The effect of this decision will also be felt among other crypto bankruptcies.

Celsius requested US Bankrupcy Judge Martin Glenn’s permission to sell $18 million of crypto to cover operating expenses while deducing a plan for repaying creditors.

However, these coins are owned by Celsius users, who invested these assets into interest-bearing accounts prior to the filing of the Chapter 11 bankruptcy in July.

The issue Glenn must resolve centers around whether the crypto in Celsius’s interest-bearing accounts belongs to the company or to its depositors.

Glenn stated the significance of this issue to the resolution of the bankruptcy. This will assist future bidders in understanding more clearly what they are buying.

The Federal Judge clearly declared in the court:

I am going to go ahead and decide who it belongs to. The real issue is, how we can cut this enormous administrative expense and get to ...

The post Celsius Judge Will Decide Whether Lender Owns Customer Crypto appeared first on Coin Edition.

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01-05-2024 10:45:17 (UTC+7)

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 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
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 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
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