Celsius depositors face the reality that they transferred title and ownership of their crypto to the firm when they deposited funds. The crypto lender’s lawyers stated that Celsius could use those funds as it sees fit.
Celsius’s 1.7 million registered users across over 100 countries gave up title to the crypto they deposited into Earn and Borrow accounts, according to the firm’s lawyers.
At the first bankruptcy hearing for Celsius on July 18, lawyers from the Kirkland law firm led by Pat Nashhow retail users with Earn and Borrow accounts transferred the title of their coins to the firm as per its terms of service . As a result, Celsius is free to “use, sell, pledge, and rehypothecate those coins” as it wishes.However, a legal question has arisen about whether Custody account holders retain title for their assets.
“Are the crypto assets in Celsius’ possession property of the estate? Is the answer to this question different for crypto assets held under the Custody vs. the Earn program?”for non-accredited US investors as some states across the US issued cease and desist orders on Celsius’s Earn program.Attorney David Silver summed up Celsius’s claim to users’ funds in a July 18 tweet. He wrote that users should “stop thinking of it as *your* crypto” because it technically all belongs to the firm.
11) Celsius says that anyone in the EARN program has no crypto that belongs to them . Celsius is the owner of the crypto assets. Most of the assets in Celsius came in through the EARN program and is part of the estate.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto lender Celsius loaned $75 million to Three Arrows CapitalTroubled crypto lender Celsius had $75 million of exposure to Three Arrows Capital. Both companies are now going through bankruptcy proceedings.
Read more »
Tron Boss Says Warren Buffett Still Holds Bitcoin. Is This the Case?Tron founder Justin Sun claims that Warren Buffett continues to hold his gifted crypto
Read more »
Report: Equitiesfirst Named as Mystery Debtor to Celsius, $439 Million Owed to Crypto Lender – Bitcoin NewsTwo sources familiar with the matter allege that the private lending platform that owes Celsius $439 Million is Equitiesfirst.
Read more »
The women of crypto take over Davos WEFWhile crypto is perceived as a male-dominated industry, there are incredible women influencing the space. Cointelegraph had the opportunity to talk to some of those women during the World Economic Forum in Davos.
Read more »