Does Celsius Network OWN cryptocurrencies?

REUTERS/Dado Ruvic/Illustration Jan 4 (Reuters) - A U.S. bankruptcy judge ruled on Wednesday that Celsius Network owns most of the cryptocurrency that customers deposited into its online platform, meaning most Celsius customers will be last in line for repayment in the crypto lender's bankruptcy.

Is Celsius insolvent?

Celsius, which advertised high yields to clients that invested their crypto funds with the company, assured customers that there were no issues as rumors of insolvency began to spread online. The crypto lender would pause all withdrawals and freeze customer accounts just days later.

Will Celsius go bankrupt?

Celsius would go on to file for bankruptcy in July. When filing, the crypto lender said it had around $167 million cash on hand. Approximately $4.7 billion is owed to Celsius customers .

What is Celsius & how does it work?

Celsius was intended to operate somewhat like a traditional bank, albeit for crypto rather than fiat currency. It was once considered among the most successful parts of the decentralized finance ( DeFi) movement. A mere two months ago, Celsius claimed that it had 1.7 million users and assets under management (AUM) of $11.7 billion.