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Celsius Clients File Lawsuit To Get Back $22,500,000 in Crypto Assets From Bankrupt Digital Asset Lender

A bunch of Celsius Network custody pockets prospects is suing the bankrupt lending platform in an effort to reclaim greater than $22.5 million price of funds.

In a brand new lawsuit filed on Wednesday, particular person holders of greater than 64 accounts with Celsius say they retained the title to all of their crypto belongings held in the agency’s custody wallets and due to this fact are entitled to their return.

The account holders argue that Celsius can’t use their funds to repay chapter money owed.

“In April 2022, the debtors [Celsius] created a self-titled ‘custody service’ the place customers entrusted their cryptocurrency to the debtors in a ‘custody wallet’ however retained title to such belongings…

In June 2022, the debtors froze all withdrawals of cryptocurrency from their platform. Since that date and because the petition date, the debtors haven’t honored any withdrawals from any applications, together with custody service, regardless that the custody belongings – by the plain language of the debtors’ phrases of use present that title to custody belongings at all times stays with the consumer.”

On Thursday, Celsius filed a movement with the identical chapter court docket searching for authority to allow sure prospects to withdraw their cryptocurrency from their custody program. A listening to on the movement is scheduled for October sixth.

Celsius Network initially filed for chapter again in mid-July, simply weeks after it halted all buyer transactions and withdrawals, blaming excessive market volatility.

The undertaking’s native token CEL briefly collapsed from round $0.90 to as little as $0.09. It has at present mounted a restoration and is altering fingers for $1.41 at time of writing.

Since the chapter, the centralized finance agency has additionally been slapped with a category motion lawsuit alleging it operated as a Ponzi scheme.

Furthermore, California’s Department of Financial Protection and Innovation issued Celsius a desist and chorus order over claims that the corporate violated the native Corporation Code.

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Disclaimer: Opinions expressed at The Daily Hodl will not be funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses chances are you’ll incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please notice that The Daily Hodl participates in online marketing.

Featured Image: Shutterstock/eliahinsomnia/Sensvector

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