The bankruptcy court presiding over the Chapter 11 cases of digital asset platform Celsius Network LLC and its affiliates (Celsius) issued a key ruling on January 4, 2023 (the Decision), by concluding that a significant portion of digital assets held in Celsius’ customer accounts are property of the debtors’ estates, and holders of such accounts accordingly are unsecured creditors.
How does one go bankrupt? Two ways — gradually and then suddenly.
(Paraphrase of Hemmingway, by way of CFTC Chairman Heath Tarbert)
USA, Banking, Derivatives, Insolvency & Restructuring, Sidley Austin LLP, Coronavirus, Commodity Futures Trading Commission (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Title 11 of the US Code