A New York bankruptcy court has ruled the deposits on high-interest-earning accounts belong to Celsius, the embattled former cryptocurrency lending firm, that filed for Chapter 11 bankruptcy protections in July. The decision establishes a precedent that might affect the status of other, similar cases involving crypto companies like Blockfi and FTX.A U.S.
in favor of the company, stating that it has the right over these funds, allowing it to harness the assets in any way, including lending, selling, and pledging these assets for investment purposes.a motion to get approval for selling $23 million from its stablecoin stash on Sept. 15, and this ruling frees the path for the company to complete this operation.
This will allow the company to use part of the funds to finance its Chapter 11 procedures. Before, the company had stated prior to bankruptcy courts that it could only finance its operations until March with its current funding. The Celsius bankruptcy processes have also affected the privacy of its customers, as a filing detailing the usernames, transactions, and holdings of every user of the exchange were released in October. More than 18.6 gigabytes of data corresponding to more than 14,000 customers of the exchange were
at the time, with the situation being qualified as one of the most “egregious privacy violations in crypto history,” according to some users.
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That's a significant step forward for DeFi! This news definitely brings more confidence to the crypto space and shows the potential of these trustless systems to harness the power of blockchain tech. HODLing on! 🚀
People have become too lazy to move cash. Soon everyone will turn to crypto.
This is wrong in so many ways...
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Source: Reuters - 🏆 2. / 97 Read more »