U.S. Bankruptcy Judge Rules Around $4.2 Billion in Crypto Deposited in Celsius Network Belongs to Celsius

U.S. Bankruptcy Judge Martin Glenn has ruled that some $4.2 billion in cryptocurrencies deposited in interest-bearing accounts with crypto lending platform Celsius Network belong to Celsius, not thousands of customers, the Wall Street Journal reported. The judge ruled that each company's rights to its customers' digital assets are clearly defined in its terms of use, that Celsius' contracts with its users are "clear" title to the company, and that Celsius can use the deposited 42 as it wishes. billion dollars in cryptocurrencies. The decision will directly affect Celsius's ability to sell $18 million in stablecoins to pay for staying longer in bankruptcy proceedings, after Celsius executives testified in bankruptcy court that the company's funds would run out in March , after which it will need to raise funds to pay for maintaining bankruptcy protection.