Express

Bankruptcy Judge Orders Celsius Networks to Return $50 Million Worth of Crypto to Custody Account Users

Katie Lin

Summary: A U.S. bankruptcy judge ordered Celsius Networks to return about $50 million worth of crypto to custody account users, according to reports by Bloomberg News. Celsius filed to return custody users’ funds in September, a month after its bankruptcy filing. The Bankruptcy Court for the Southern District of New York, which oversaw the case, scheduled ...

A U.S. bankruptcy judge ordered Celsius Networks to return about $50 million worth of crypto to custody account users, according to reports by Bloomberg News.

Celsius filed to return custody users’ funds in September, a month after its bankruptcy filing.

The Bankruptcy Court for the Southern District of New York, which oversaw the case, scheduled a hearing for Oct. 6.

The hearing was delivered verbally on Wednesday, during which Celsius was ordered to return $44 million of crypto to custody holders.

Celsius’ argument was that the funds in its custodial accounts belong to that of its users and that it was merely acting as a storage provider.

Author: Katie Lin

  • Bitcoin Weekly Analysis: Volume-Price Divergence and High-Level Consolidation Anticipat... 2 days ago
  • Will Introduction of the Stablecoin Act Trigger a Financial Tsunami? 3 days ago
  • Trump Just Opened the Floodgates: What Happens When $9 Trillion in Retirement Money Hit... 6 days ago
  • US Crypto Stash Shock: Marshals' Low BTC Count Fuels 'Secret Sale' Debate, Ignites Buyb... 7 days ago
  • Mini Altcoin Season Brewing? Old Guard's Rally Signals Potential Shift 9 days ago
  • You need to login to comment.