Tens of Celsius clients ask US court to recover $22.5M in crypto

Tens of Celsius clients ask US court to recover $22.5M in crypto

Suspension of withdrawals on Celsius custody contradicts the plain language of the firm's terms of use, a group of disgruntled creditors argued. The bankrupt cryptocurrency lender Celsius is facing more legal issues as disgruntled clients are taking action to recover their funds after the platform froze withdrawals in June.An ad hoc group of 64 custodial account holders at Celsius on Wednesday filed a complaint with the U.S. Bankruptcy Court for the Southern District of New York in order to recover their assets.According to court documents, the creditors are seeking to recover a total of....


Related News

Celsius Clients Beg Bankruptcy Court to Release Crypto, One Customer Needs Fu...

After the crypto lender Celsius filed for bankruptcy protection on July 13, the company recently contacted customers and explained that an employee from one of the firm’s vendors accessed a list of Celsius client emails, and the email addresses were “transferred to a third party.” Furthermore, Celsius customers have written to the court begging to get their crypto assets back as one client said he had less than $1K in the bank and his situation was a dire emergency in order to “keep a roof over my family and food on their table.” Celsius Customers....

Celsius countersues KeyFi, claims deceit and incompetence led to tens of mill...

Crypto lender Celsius has gone on the offensive against former staking and DeFi strategy associate KeyFi and its CEO, which had sued it a week before it went bankrupt. Bankrupt crypto lending company Celsius countersued decentralized finance (DeFi) protocol KeyFi and its CEO Jason Stone on Tuesday in the United States Bankruptcy Court claiming Stone misrepresented himself as an expert in DeFi, and that Stone and KeyFi hadlost Celsius coins through incompetence and deceit. The suit came several weeks after KeyFi sued Celsius for allegedly failing to honor a profit-sharing agreement. KeyFi....

Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Custo...

Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13, is looking to release roughly $50 million worth of crypto assets to Celsius custody account holders. Reportedly, the Celsius custody accounts did not participate in the earn and borrow program. A court hearing concerning the matter of relief will take place on October 6. Celsius Files Debtors’ Motion to ‘Reopen Withdrawals for Certain Customers’ Court documents show that Celsius is looking to release roughly $50 million in funds to select customers. The....

CEL climbs 50% as Celsius Network aims to return $50M to clients

The CEL price rally could fizzle out due to prevailing Celsius issues, including its bankruptcy. The price of CEL soared by nearly 50% as traders assessed its parent firm Celsius Network's inclination to return a portion of the locked funds to its customers.No CEL-ling pressure for nowOn the daily chart, CEL surged to its intraday high of $1.67 per token on Sep. 2 after lows of $1.15 the day before. However, the token's sharp rally accompanied lower trading volumes, suggesting a lack of conviction among traders about further upside moves.CEL/USD daily price chart. Source: TradingViewCEL's....

Want to keep exchanges like Celsius from seizing your money? Be a 'custody cl...

Are your coins at risk of being seized by an exchange in the future? Here are some factors to consider related to using centralized exchanges. Disgraced cryptocurrency lender Celsius Network asked a court this month to return assets to its “custody clients,” but not to its “earn-and-borrow” customers. Wondering how to keep yourself in the former group when the crypto exchange you’re using goes under? Here’s a summary.What exactly is a “custody client?” It’s similar in principle to a savings account with a traditional bank — often repayable upon demand by the custodian. In this case, it’s....