The ruling by U.S. Bankruptcy Judge Martin Glenn in New York affects approximately 600,000 accounts that held assets valued at $4.2 billion when Celsiusin July. The company does not have enough funds to fully repay those deposits, Glenn wrote.
The ruling also prevents in-fighting for higher priority among customers with interest-bearing accounts, avoiding a situation in which some of those customers are repaid 100% of their deposits while similarly-situated customers are able to recover "only a small percentage" of their deposits, according to Glenn. Celsius' terms of service made clear that the crypto lender took ownership of customer deposits into its interest-bearing Earn accounts, according to Glenn.
The ruling does not mean that Earn customers will get "nothing" in the bankruptcy case, and it does not stop further challenges to Celsius's ownership of the crypto deposits, Glenn wrote.
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