US bankruptcy judge Celsius Networkdecided that some of its customers needed to get their deposits back.
New Jersey-based Celsius froze withdrawals and cut off access to deposits from retail investors in June, citing extreme market conditions. When the company filed for Chapter 11 bankruptcy in July, it reported $4.3 billion in assets and $5.5 billion in debt, much of it owed to its customers. Some customers of Celsius, which has been continuing its development efforts for a long time, have received some comforting news.
Celsius Decided to Return Some Customers’ Assets
The US bankruptcy judge has ruled that some of Celsius Network’s customers need to get their deposits back. Thus, it provided relief to a relatively small group of clients whose deposits were not mixed with other Celsius funds.
According to Celsius’ official creditors’ committee, the decision rendered; It was limited to customers who had interest-bearing custody accounts, whose funds were not mixed with other Celsius assets, and whose accounts were too small for Celsius to try to get them back to refund other customers.
US Bankruptcy Judge Martin Glenncontinues to seek answers to broader questions about who owns the crypto assets invested in Celsius.
