Judge Rules Celsius Earn Account Funds Belong to Estate, Not U | .

Judge Rules Celsius Earn Account Funds Belong to Estate, Not Users

Digital assets deposited in Celsius Network’s Earn program belong to the bankrupt company’s estate and not individual users, according to a Wednesday ruling by U.S. Bankruptcy Judge Martin Glenn. The court also determined that Celsius’ bankruptcy estate can sell $18 million worth of stablecoins.

Users who participated in the bankrupt company’s lending service were told they could earn interest on cryptocurrencies deposited with the company, but lost access to their funds in June when Celsius froze withdrawals on its platform citing “extreme market conditions.”. A portion of the Earn accounts consisted of stablecoins, which were valued at $23 million as of September.

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