Celsius user funds

Celsius May Return $50 Million to Customers

02.09.2022 10:11
by Srđan Jovanović
1 min read

Celsius, the former crypto lending platform that filed for bankruptcy in July, has asked the court to return $50 million of the sum it owes to customers.

If approved, the money will be returned to Celsius customers who have used their custody program, i.e. they left the funds with Celsius for safekeeping. Thus, the funds are still the clients’ property, and not Celsius’.

This is different than those customers who participated in the programs designed for making them money in the long run. Those funds are considered to be partially Celsius’ property.

Even if the $50 million is returned, Celsius still has a long way to go. Their custody program has some $210 million in total frozen, and the overall debt to customers from the earning program amounts to a whopping $4.3 billion.

Author

  • Long-time editor, crypto enthusiast, and all for free trade. Also a social scientist, musician, and a thorough-going liberal. Wrapped up a degree in linguistics, an MA in politics, and a PhD in history. Six postdocs afterwards. Speaks English, Serbian, Czech, and Swedish, communicative in German, Russian, Polish, Italian, Slovak, Norwegian, and even some Mandarin. Cryptocurrencies are the future.

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