Loading ...Bankruptcy judge rules that Earn account assets belong to Celsius
Celsius Network’s bankruptcy might have just set a precedent in determining what crypto assets belong to whom when stored on a centralized platform.
Driving the news: The judge in a 45-page written decision on Wednesday concluded that the deposits in the lender’s yield-bearing Earn accounts belong to the estate — that is Celsius — and not the individual holders of those accounts.
Why it matters: Celsius had 600,000 accounts in its Earn program when it filed for Chapter 11 mid-2022, which collectively held roughly $4.2 billion in assets as of July 2022.
- Part of that included stablecoins then-valued at around $20 million. All of that is property of the estate, or Celsius.
https://www.axios.com/2023/01/04/celsius-bankruptcy-earn-accounts
DOESN’T SOUND LIKE GOOD NEWS FOR CRYPTO INVESTORS…….Celsius Earn Customers Deemed Unsecured Creditors
https://thedefiant.io/celsius-judge-says-users-crypto-belongs-to-company
Celsius Co-Founder Mashinsky Sued By NY Attorney General For “Defrauding Investors Out Of Billions”
https://www.zerohedge.com/crypto/celsius-co-founder-mashinsky-sued-ny-attorney-general-defrauding-investors-out-billions
Same as your bank Deposits
belong to the bank…Bail In
https://goldtadise.com/?p=564345
Bank Deposits AND Your shares of stock as well don’t belong to you. Stock shares belong to the brokerage company and they delegate the shares to you. One day the whole system will washout. If you don’t hold your own keys, your own registered stock certs, your own hard metal you won’t have diddly. Question is will I still be alive to see that moment…?
If you happen to live in Canada and use Registered Accounts — I understand that you cannot take possession of registered stock certs. Only option is to hope the brokerage doesn’t go under……..Can anyone confirm??