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Bankruptcy Court Orders Celcius to return $50M of Crypto

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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The order delivered by the Bankruptcy judge of the Southern District of New York directed Celsius, the crypto lender, to return the cryptocurrency worth $50M to Custody Account Holders. According to the Celcius filing in September, it has about 58,300 users who collectively deposited over $210 million with its custody and withhold, with 15,680 customers holding “Pure Custody Assets” worth around $44 million. The matter was taken to a hearing by the Bankruptcy Court of the southern district of New York on October 6. It applies to an amount of crypto that was worth about $44 million in September. 

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