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Does Celsius Network OWN cryptocurrencies?
REUTERS/Dado Ruvic/Illustration Jan 4 (Reuters) - A U.S. bankruptcy judge ruled on Wednesday that Celsius Network owns most of the cryptocurrency that customers deposited into its online platform, meaning most Celsius customers will be last in line for repayment in the crypto lender's bankruptcy.Did Celsius sell $18 million stablecoins after bankruptcy?
The ruling authorizes Celsius to sell approximately $18 million stablecoins that had been held in customers' Earn accounts. In December, Glenn ruled that a relatively small group of customers with different kinds of Celsius accounts were entitled to their deposits back during Celsius's bankruptcy.What is Celsius's Earn program?
The Earn program allowed customers (the “Depositors”) to deposit cryptocurrencies on the Celsius platform and receive from the Company as much as 18% interest annually. The Earn Accounts at Celsius held approximately $4.2 billion in cryptocurrency assets as of July 10, 2022, including $23 million worth of stablecoins.Why did Celsius have to disclose customer information?
American Law required Celsius to disclose customer information as part of its restructuring. Since Celsius held customer assets, the law affected them as well. According to a court document, Celsius requested that less personally identifiable information (PII) about customers be made public through a "redaction" process.- Terms & Agreement
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