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Celsius customers lose control of their R73 billion in deposits with the bankrupt crypto lender | Business Insider

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Celsius customers lose control of their R73 billion in deposits with the bankrupt crypto lender

to stay longer in Chapter 11 bankruptcy. The lenders's executives previously told the court that otherwise, it will run out of money by March.

The customers affected are the 600,000 users of Celsius' high-interest Earn accounts. The court declared them to be unsecured creditors of the failed crypto lender and said the firm doesn't have enough of value to repay them all in full, per the WSJ. Celsius argued that they handed over ownership of the deposits when they consented to the accounts' terms of use — done in some cases by clicking on a button in the app. In its most recent changes to the terms, the lender threatened to freeze the accounts of people who didn't agree to them.

Judge Martin Glenn said he"empathizes with the frustration account holders may feel if they didn't read or understand the specific terms of use." According to Glenn, Celsius offered convincing evidence that more than 99% of users agreed to its recent terms and conditions over its interest-bearing accounts.

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Buffet said something about crypto being rat poison squared...

BISouthAfrica 🤣😂🤣😂So therefore if a BANK borrows me money... I don't have to pay it back because once I withdraw the funds it no longer belongs to them 🤦‍♂️Sounds fair

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