crypto custodian Prime Trustcrypto lender at a bankruptcy court hearing on Thursday Celsius Network‘to (CEL) agreed to return approximately $17 million worth of tokens.
The assets will be sent to a designated Celsius wallet and await court decisions on how they should be distributed.
Crypto Custodian Prime Trust Agrees to Return $17M in Coins to Bankrupt Celsius (CEL)
Celsius sued Prime Trust in August, alleging that Prime Trust had improperly withheld the tokens when they terminated their contract in June 2021.
Worth about $17 million 398 Bitcoins (BTC), 196,268 CEL tokens, 3,740 ETH and 2.2 million USDCbelonged to Celsius’ investment product clients in Washington State and New York.
Prime Trust held $119 million of Celsius’ assets when the contract expired.
The Prime Trust said on Thursday that the assets will be sent to a designated Celsius wallet. After that, court decisions on how the money will be distributed will be awaited.
Mashinsky, former CEO of Celsius He founded Celsius in 2017, and the firm was valued at $3 billion by the end of 2021. The company filed for bankruptcy on July 18 and has since faced a series of legal actions.
The bankrupt cryptocurrency lender had approximately $12 billion worth of assets under management as of May.
At the time of this writing, Celsius Network (CEL) was trading at $0.960 in the bear market dominated industry.
*Not investment advice.
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