Celsius Network's bankruptcy might have just set a precedent in determining what crypto assets belong to whom when stored on a centralized platform.
Celsius Network's bankruptcy might have just set a precedent in determining what crypto assets belong to whom when stored on a centralized platform.: The judge in a 45-page written decision on Wednesday concluded that the deposits in the lender's yield-bearing Earn accounts belong to the estate — that is Celsius — and not the individual holders of those accounts.: Celsius had 600,000 accounts in its Earn program when it filed for Chapter 11 mid-2022, which collectively held roughly $4.
Part of that included stablecoins then-valued at around $20 million. All of that is property of the estate, or Celsius.: Investors with Earn accounts have been and remain creditors of Celsius. That means Celsius still owes them. Exactly how much they'll recover, is the unknown.: Crypto platforms' Terms of Service could be central to how other bankruptcy proceedings shake out.
At a bank, deposits are guaranteed by the Federal Deposit Insurance Corporation. In the event the bank couldn't return a customer's deposits — the FDIC will.: Account holders who previously objected in the Celsius case argued that changed language in the Terms of Use, such as "loan" and "lending," made the contract ambiguous.The bottom line
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