Funds belong to the users! Bankruptcy judge rules Celsius to return about $44 million in cryptocurrency assets to users

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Funds belong to the users! Bankruptcy judge rules Celsius to return about $44 million in cryptocurrency assets to users

According to Bloomberg, bankruptcy court judge Martin Glenn has issued an order for the cryptocurrency lending platform Celsius Network to return approximately $44 million worth of cryptocurrency to users. This amount belongs to Celsius' non-interest-bearing accounts (custodial accounts), and it has been concluded that the funds belong to the users, not Celsius.

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According to a report by Bloomberg, Bankruptcy Court Judge Martin Glenn has issued an order for the cryptocurrency lending platform Celsius Network to return approximately $44 million worth of cryptocurrencies to users. These funds are from Celsius' non-interest-bearing custodial accounts and the conclusion reached by the involved parties was that the funds belong to the users, not Celsius.

Previously, Celsius had requested Glenn to allow the sale of $18 million worth of cryptocurrencies on its balance sheet, which were deposited by users into interest-bearing accounts before Celsius declared bankruptcy in July.

This article is authorized to be republished from Foresight News. Foresight News is a Chinese content platform in the Web3 vertical sector, with a commitment to the basic principles of "objectivity and neutrality," dedicated to building a Chinese gateway to the Web3 world.

Editor's note: Most of Celsius Network's user funds are in interest-bearing accounts. The question of whether these funds belong to the users has not yet been decided by the bankruptcy judge.