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Celsius lawyers claim users relinquished their crypto when they signed up

According to Kirkland & Ellis, the law firm representing the company in its bankruptcy proceedings, retail users transferred the title to their coins to Celsius when signing up for the platform.
The lawyers claim this entitled the platform to use and rehypothecate the coins, drastically reducing Celsius’s responsibility regarding losing customer funds.
Celsius’ keys, Celsius’ coinsCelsius’s bankruptcy hearings officially began on July 18, kicking off the lengthy fight for the company’s restructuring.
What about crypto assets transferred to Celsius to collateralize institutional and retail loans?,” the lawyers asked in a presentation to the court.
The only retail product that allowed users to retain the title to their coins was the Custody Program, which began in April 2022.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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