Lawyers of the crypto lender charged with number 11 bankruptcy have confirmed again that the funds of the users belong to the mentioned company, with possibly a one-time major exception.
Celsius has recently been charged with number 11 bankruptcy. The cryptocurrency lending company is still fighting in court to save itself from the situation. The company has more than a million subscribers from 100 countries around the globe.
Celsius’s Registered Customers Seems To Have Lost Confidence
In a recent hearing in the court, the lawyers of the company stated that 1.7million of the firm’s registered customers from all around the globe have given up their legal right to their holdings of the currency.
The team of lawyers of the firm, led by Pat Nash, shared in the court how they earn and borrow account users of the company have returned the coin titles of the firm as per the ToS of the firm. Therefore, in the first hearing of the case, Celsius has won its rights back to sell or use or pledge the coins however they wish.
However, some experts are raising legal questions like what if the customers who gave up their currency holdings have retained them again after the hearing? The firm’s ToS states that it can never use the coins held by an account holder without the permission of the user of that account.
When it came to common knowledge that Celsius was fighting a bankruptcy case, the firm had paused all the transactions and reward programs on its websites. To come back from the grip of bankruptcy, the firm has recently claimed that they mine and can sell BTCs to pay off the debts.