Celsius Network creditors suffer major setback following disappointing court ruling

Creditors of the bankrupt cryptocurrency lending platform Celsius Network suffered a setback on Wednesday after Judge Martin Glenn determined that user funds trapped on Celsius’ Earn product belong to the debtors’ bankruptcy estate. Glenn concluded that, based on Celsius’ “unambiguous” terms of use, assets became the property of Celsius upon being deposited, and the assets remaining in the Earn accounts on the petition date became the property of the Debtors’ bankruptcy estates.