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Bankruptcy Judge Orders Celsius Networks to Return $50 Million Worth of Crypto to Custody Account Users
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
Tags: bankruptcy,Bankruptcy Court,case,Celsius,Celsius Networks,Crypto,custodial,Custody,Funds,Hearing,Holders,Southern District of New York
Link: Bankruptcy Judge Orders Celsius Networks to Return $50 Million Worth of Crypto to Custody Account Users [Copy]
