Bankruptcy Judge Orders Celsius to Return $44M in Cryptocurrencies

By Matt Brienen

Published: 2022-12-08T17:08:13+00:00

The U.S. bankruptcy judge responsible for the Celsius Network case has ordered the bankrupt crypto lender to return around $44 million worth of cryptocurrencies.

According to Bloomberg, the ruling by Judge Martin Glenn will impact customer funds that never touched the firm’s flagship interest-bearing lending service, which represents a fairly small minority of the overall customer funds held by Celsius.

According to a recent court filing, around 58,300 users held assets worth $210.02 million in its interest-bearing Earn Program or its Borrow Program.

The U.S. bankruptcy judge responsible for the Celsius Network case has ordered the bankrupt crypto lender to return around $44 million worth of cryptocurrencies.

According to Bloomberg, the ruling by Judge Martin Glenn will impact customer funds that never touched the firm’s flagship interest-bearing lending service, which represents a fairly small minority of the overall customer funds held by Celsius.

According to a recent court filing, around 58,300 users held assets worth $210.02 million in its interest-bearing Earn Program or its Borrow Program.

Alongside today's news, other industry bidders are busy snapping up what’s left of Celsius’ remaining assets.

Earlier this week, famed American investor Mike Novogratz’s Galaxy Digital won a bid to acquire GK8, a self-custody crypto firm that has been acquired by Celsius in 2021.

Though the amount paid was undisclosed, it was reportedly much lower than the $115 million it was originally acquired for in November 2021.