Bloomberg Law
Jan. 4, 2023, 7:14 PM

Celsius Owns Coins Held in Interest-Bearing Accounts, Judge Says

Jeremy Hill
Jeremy Hill
Bloomberg News

Celsius Network LLC owns the coins that users placed in interest-bearing accounts with the crypto lender prior to its bankruptcy, a federal judge said in a written ruling Wednesday.

US Bankruptcy Judge Martin Glenn said the company’s terms of use clearly grant Celsius title to any coins deposited in its Earn program, which allowed users to receive interest on deposits. That means users still locked out of their Earn accounts are unsecured creditors of Celsius and likely won’t get all of their money back.

The interest-bearing accounts held crypto worth $4.2 billion just prior to Celsius’ bankruptcy filing in July. ...