Recently, CNL tweeted that a court had declared that Celsius customers have waived their legal rights to their BTC by utilizing the platform. As a result, Celsius is now the owner of all the crypto deposits worth $4.2 billion.
Read CRYPTONEWSLAND onIt’s estimated that around 600,000 accounts were affected by the ruling announced by New York’s United States Bankruptcy Judge Martin Glenn. When Celcius filed for bankruptcy in July, the company’s assets were valued at $4.2 billion. Glen went on to claim that the company does not have the money to fully repay such deposits.
However, in the eyes of several customers, Celsius had broken their contract. Glenn, on the other hand, disagreed and wrote that the Court concludes that there was a genuine contract between Celsius and its account holders. Further, he said that Celsius had been clearly and unambiguously handed the rights and ownership of digital assets under the terms of the contract.
As a result of the court’s decision, most Celsius customers will have lesser priority than customers who had non-interest-generating accounts and other protected lenders. Whether or whether Celsius has large unsecured debt is unknown.
Meanwhile, on Thursday the attorney general of New York, Letitia James filed a lawsuit against Alex Mashinsky, the creator of Celsius Network. He alleged that he cheated investors out of billions of dollars in digital currency by hiding the poor health of his now-defunct cryptocurrency lending platform.
According to James’s declaration, Alex Mashinsky misled investors by promising them the road to financial independence but instead guiding them to financial destruction. It is a crime to deceive investors with empty promises.
This uptick of interest suggests a surge might be on the horizon, potentially ushering in…
In the competitive realm of blockchain platforms, a select group of altcoins is making waves…
As the bull run of 2024 charges ahead, savvy investors are searching for high-reward opportunities.…
With the current bull run underway, the potential to grow a modest $1,000 into a…
The surge in the cryptocurrency market is gaining momentum, signaling a time of significant growth.…
#AIcoins like #FET could lead the charge this #bullcycle where analysts believe the #AI sector…