Celsius It is definitely one of the companies that has left its mark on the crypto money industry right now. The company, which officially announced its bankruptcy, has users from more than 100 countries, and a new shocking statement was made about the bankrupt company and user funds.
Lending The focused crypto money company also gave users the opportunity to earn a certain interest income from the funds they deposited. However, no user may have realized that by doing this they are actually giving the funds to Celsius legally.
Is Celsius the Legal Owner of All Cryptocurrencies?
Celsius’ first bankruptcy filing on July 18 Kirkland Law lawyer of the law firm Pat Nash made an important statement. Nash actually users Earn and Borrow He stated that Celsius is directly entitled to the money deposited in their accounts.
Drawing attention to the service and usage agreement here, Nash emphasized the following item:
Celsius is completely free to sell, use or do anything else with these coins, and they are legally the property of Celsius”.
This statement certainly points to a bad situation for Celsius investors, but the court has yet to make a clear decision. In addition, Celsius does not have such a service requirement for those who deposit funds in Custody. While it was emphasized that Celsius’s terms of service do not apply to Custody, it is not yet clear what the situation will be.
Attorney David Silver, after watching the Celsius case, emphasized that this is actually the company’s “crypto money”, not the users but legally. This can be seen as a big blow to the user front.
11) Celsius says that anyone in the EARN program has no crypto that belongs to them (ie, stop thinking of it as *your* crypto). Celsius is the owner of the crypto assets. Most of the assets in Celsius came in through the EARN program and is part of the estate.
— David Silver (SILVER MILLER) (@dcsilver) July 18, 2022