The judge emphasizes that Celsius must pay its customers! A federal judge has ordered cryptocurrency lender Celsius to give up to $44 million worth of cryptocurrency to buyers of the platform’s holding program. This amount is of cryptocurrency held in the deposit account at Celsius and not transferred to the accounts received.
A $44 million order
A federal judge has ordered cryptocurrency lender °C to give the platform’s investors access to up to $44 million worth of cryptocurrency. U.S. Bankruptcy Judge Martin Glenn said he issued the oral order at a Dec. 7 hearing and said:
“I want to see this case. I want the borrowers to get their sums back as soon as possible. This sum is a small part of the billion Celsius owed to creditors, and the most recent disclosures refer to cryptocurrency held in escrow accounts. The choice was made after Celsius managers and advisors agreed that platform users, not him, have cryptocurrency and deposit accounts.
It is important to note that this case only applies to assets stored in the security program that have never been touched by Celsius Earn.
Celsius is not good
As of August 29, Celsius had about $210 million in savings accounts, but only about $44 million of that money met the requirements of the new system. On the other hand, most of the $4.7 billion in cash that users currently hold in Celsius’ Earn Accounts, which are accounts that allow depositors to earn interest.
According to Celsius, a December 5 Bloomberg report, investment officials say Celsius is looking to sell $18 million worth of steecoin in those accounts to finance its restructuring. Glenn should address the issue of the right to cash in Dec. 12, according to reports. The income from the income account gives up the right to the money when they agree to the company’s terms of service.
In Dec. 5, the judge struck down the $2.8 million Key Personnel Retention Program (KERP), which he filed on Oct. 11. Some employees will receive money intended to keep them in the company so that he can continue with his small business. Only 170 Celsius workers are still working due to widespread labor unrest. Three hundred and seventy employees at the beginning of the bankruptcy process, a further reduction from this figure.