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.

What happened to Celsius Network (cel)?

Celsius Network (CEL) announced on July 13 that it filed for Chapter 11 bankruptcy after a month of turmoil. The embattled crypto lender made headlines last month after freezing customer accounts, citing “extreme market conditions.”

How does Celsius work?

Headquartered in Hoboken, New Jersey, Celsius maintained offices in four countries and operated globally. Users could deposit a range of cryptocurrency digital assets, including Bitcoin and Ethereum, into a Celsius wallet to earn a percentage yield, and could take out loans by pledging their cryptocurrencies as security.

Who is Celsius Network LLC?

Celsius Network LLC is a bankrupt cryptocurrency lending company. Headquartered in Hoboken, New Jersey, Celsius maintained offices in four countries and operated globally.