First Mover Americas: A Win for Celsius in Court

A bankruptcy judge ruled that Celsius Network customers who had interest-bearing accounts on the platform had turned over control of their assets to the bankrupt crypto lender, meaning the deposits are part of Celsius‘ bankruptcy estate. U.S. Bankruptcy Judge Martin Glenn said in a court order Wednesday that Celsius‘ terms of service made it clear it took possession of crypto assets deposited into its Earn product, dealing a blow to customers who were hoping to recoup their deposits. Celsius held around $4.2 billion in cryptocurrencies in Earn as of last July, including $23 million in stablecoins.