Bloomberg Law
December 5, 2022, 10:00 AM UTC

Bankrupt Celsius, Customers Gear Up for Crypto Ownership Fight

James Nani
James Nani
Reporter

Celsius Network will battle some customers in bankruptcy court this week over cryptocurrency ownership, one of the first legal tests to determine who truly owns the assets in trading platforms under Chapter 11.

The US Bankruptcy Court for the Southern District of New York will rule on two categories of assets, with arguments revolving heavily around interpretation of the crypto lender’s contract with its customers.

The Monday hearing will address assets held in the Celsius “Earn” program, a customer account program that paid out rewards but stopped taking in new business after a period of time after regulatory pressure. The ...

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