Celsius Own Most Customers Crypto – 234

Foreign Established in 2017 octominer is an International mining hardware company They manufacture and engineer the best Mining equipment in the industry and Supply rigs to some of the largest Mining farms around the world their GPU Mining rigs also integrate with the top Crypto operating systems like Hive OS Miner stat and simple mining all parts Come with an international one-year Warranty exciting news they will be Adding Asic miners for sale to their Website soon and launching a new product Built specifically for Asic home miners Please visit octominer.com or email Support octominer.com for questions U.S judge says the Celsius Network owns Most customer crypto deposits Yes you heard that right this is also Coming from Reuters pretty crazy Precedent here getting Set uh a U.S Bankruptcy judge ruled on Wednesday that Celsius Network owns most of the crypto Custom cryptocurrency that customers Deposit it into its online platform Meaning most Celsius customers will be Last in line for repayment in the crypto Lenders bankruptcy the ruling by U.S Bankruptcy judge Martin Glenn in New York affects approximately 600 000 Accounts that held assets valued at 4.2 Billion dollars when Celsius filed for Bankruptcy in July the company does not

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Have enough funds to fully repay those Deposits Glenn wrote The ruling means that most Celsius Customers will be lower priority than Customers who held non-interest bearing Accounts and other secured creditors it Was unclear whether Celsius had Significantly Secure or significant secure debt the Ruling also prevents infighting for Higher priority among customers with Interest bearing accounts avoiding a Situation in which some of the customers Are repaid 100 of their deposits while Similarly situated customers are able to Recover only a small percentage of their Deposits according to Glenn Celsius is Terms of service made clear that crypto Lender that the crypto lender took Ownership of customers deposits into its Interest-bearing earned accounts According to Glenn That means that earned customers will be Treated as unsecured creditors in Celsius bankruptcy and they will be last In line for repayment after Celsius Repays higher priority debts It is extremely important That you guys Look at these terms and services when You sign up for these kind of C5 Programs I remember we had talked about This before as it pertained to block fly Right which is one of the reasons we

Were like gun shy around blockfi was Because it had similar stuff in their Terms of service and Celsius obviously No shock here I didn't do much research On Celsius I didn't pay attention to it When it was a thing but unfortunately it Appears to have the same thing and if it Is in that terms of service it looks Like you know they're going to rule in Favor of these companies you know it's It's it's super disappointing but it is At the same time completely expected and It's it's a lot it's a lot it's not even What's crazy is it's not even just not Your keys not your crypto it's like Clearly stated that if you give them Your money you're giving them your money Right so it's like It's extra dumb to have missed you know Out on these terms of services and these Types of things and definitely one of The things that's going to be needed to Pay attention to in anything that's Centralized moving forward right to a Very close extent right like we're going To have to make sure that especially Like content creators and such are Paying attention to these types of Things I mean really to the point where You know as a content creator I don't Really want to even take on a lot of Crypto sponsors you know we took on a Crypto sponsor for tax filing but at Least that's all U.S dollar payment and

Then as far as your your it's a tool to Go through your exchange information and Your wallet information and pull the Data there could of course always end up Being a situation where there's you know Some sort of Malware smart contract plug that's in One of those though as well which could Be you know Something that hindsight that you Completely Miss it's very difficult to Take on any crypto sponsors in my humble Opinion as a content creator Or crypto related sponsors 12 U.S states In the District of Columbia had objected To celsius's bid to claim the digital Assets They argued among other things that it Was unclear if customers understood the Terms of service and that Celsius was Under investigation in several States For violating regulations which could Arguably prevent the company from Relying on terms of use the ruling does Not mean that earned customers will get Nothing in the bankruptcy case and it Does not stop further challenges to Celsius's ownership of the crypto Deposits Glenn wrote now obviously this Is going to definitely continue to be Fought against you know I I think you'll See And then take it to you know take it Further and try to reverse this ruling

Because it's pretty ridiculous in the First place in my humble opinion and I Think it will get taken further but into The court system but we'll have to see Celsius customers may be able to bring Fraud or breach of contract claims Against the crypto lender which would be A completely separate charge I think Like breach of contract would definitely Be that because if the contract says Well you give us the money but it's our Money but we did also in return claim to Pay you back this amount x amount and we Never did then you know maybe there's a Breach of contract in there somewhere Right and state regular Regulators may Be able to make the case that the Account holders contracts cannot be Enforced because they violated State Securities laws according to the ruling Quote the court does not take lightly The consequences of this decision on Ordinary individuals many of whom Deposited significant savings into this Celsius platform Glenn wrote creditors Will have every opportunity to have a Full hearing on the merits of these Arguments during the claims resolution Process the ruling authorizes Celsius to Sell approximately 18 million dollars of Stable coins that had been held in Customers earned accounts in December Glenn ruled that a relatively small Group of customers with different kinds

Of Celsius accounts were entitled to Their deposits back during celsius's Bankruptcy that ruling was limited to Customers who had non-interest bearing Custody counts whose funds were not Commingled with other Celsius assets and Whose accounts were too small for Celsius to seek to claw them back to Repay other customers the broader Question of who owns crypto Assets in a Critical one or is a critical one in Other crypto bankruptcies as well Including cases of crypto lenders Voyager digital and block font and to be Honest with ever is decided in this Celsius will definitely relate to block Fi in my humble opinion and probably Void your digital as well they have very Similar terms of service to Celsius and I think whatever flows through this will Flow down of course at the end of the Day to blockify The real question here is like What ends up happening like what ends up Happening at the end of the day because We also like this comes down Negatively on crypto as a whole even Though it's clear that it is against the Fundamentals of crypto so what do I mean By that well like as we've always stated Before like a centralized exchange has One pure job and that is to attach the Essentially the old world the Fiat Systems with the cryptocurrency with the

New world the new digital payment Systems and that is pretty much its own Only job in my humble opinion that I Would ever utilize one for and the Reasoning behind this of course is that You need something to be able to Transfer in and out of and whenever you Do you adhere to the old laws right you Adhere to the Fiat system but and as it Pertains to digital assets and so on I Would never utilize some third party That centralizes everything to earn for Some sort of D5 because then I have less Control and How this plays out though will Inevitably be an attack on crypto as a Whole unfortunately and there will be Regulations surrounding it uh that that Probably hurt the ability for Cryptocurrency to be Um essentially exchanged for fiat Currency at the end of the day and it'll Probably be a huge attack on stable Coins as well and this is where I think The big question comes into play is the Ruling that authorized Celsius to sell The 18 million dollars worth of stable Coins that were being held in earned Accounts to basically uh fund themselves So or fund the bankruptcy so if you if The the stable coins at this point that Were put into these earned accounts are Basically established as Essentially some form of a security that

Could have a huge impact on D5 as a Whole and we'll we'll kind of have to Play this out and and wait I'd like to Hear your thoughts and opinions of Course in the live chat and the comment Section below I mean moral of the story As it always goes right not your keys Not your crypto but to Compound on that Even further like look crypto isn't here To integrate with the old world it's Here to replace it and the like the Entire idea that everybody wants to Avoid responsibility of holding their Own crypto and and basically just give That responsibility to a third party so They can hold somebody accountable for It is the is the exact reason everything Else is so jacked up in the first place In the old world okay so take some damn Responsibility for yourself store your Crypto if you don't know how to do it Go Learn how to do it if you don't want to Do it and that's not your thing then get Out get out nobody wants some sort of Like system that's still integrated with Fiat that's not the point of why we're In here this isn't why Bitcoin was fun Like founded this isn't the the reason Was to get out of this system that was Destroying people's livelihoods and look What happens everybody goes into a Centralized system like Celsius they get Screwed over and then they go oh why did I get screwed over because it was

Centralized it went against the Fundamentals of crypto it went against Everything it stood for and of course it Will fail when it does that End of story thanks for checking out This clip from the crypto mining show You can check out the full episode here Or more crypto content down here also I'd like you to check out my locals page At son of a tech.locals.com where you Can become a member for free or choose To be a five dollar a month supporter That unlocks additional content

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