Celsius Ordered To Return Over $50M In Crypto By Bankruptcy Judge — But Only For These Types Of Users

Celsius Ordered To Return Over $50M In Crypto By Bankruptcy Judge — But Only For These Types Of Users

A U.S. bankruptcy court judge on Wednesday declared that certain users of Celsius Network CEL/USD were entitled to get their deposits back.

What Happened: U.S. bankruptcy judge Martin Glenn was presiding over the crucial inquiry of who holds the cryptocurrency assets that were lodged with Celsius, Bloomberg reported.

“I want this case to move forward,” Glenn reportedly said. “I want creditors to recover as much as they possibly can as soon as they possibly can.”

The creditors' committee previously estimated that amount at stake for custody account holders was $50 million.

See More: Best Crypto Day Trading Strategies

The Caveat: The judgment only applied to individuals with custody accounts that did not accumulate any interest, were not mixed with the other resources of Celsius, and had an amount that was insignificant enough that Celsius was not trying to reclaim them to compensate other patrons, as mentioned by the official creditors' committee.

Glenn declined to issue any refunds for amounts higher than $7,500.

Price Action: At the time of writing, CEL was trading at $0.75, up 10% in the last 24 hours, according to CoinMarketCap.

Read Next: Bitcoin, Ethereum, Dogecoin Fall On Recession Worries: Analyst Says Long-Term Crypto Bets Awaiting 'Bullish Trigger' Or 'Capitulation Moment'

 

 

Posted In: Celsius NetworkJudge Martin GlennU.S. Bankruptcy CourtCryptocurrencyNewsLegalTop StoriesMarkets

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month