Celsius - CEL Token

The Celsius Network, Will It Go Bankrupt? #shorts

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In Celsius’ terms of use, it says users depositing money in an interest-paying “Earn” account grant the company “ownership rights.” Users “will not be able to exercise rights of ownership.” In the event of bankruptcy, users become unsecured creditors.

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What about if you had crypto in a custody account? Well, you are not granting the company ownership rights, but you still could potentially be treated as an unsecured creditor.

FTX reported that Celsius had a $2 billion hole in its balance sheet. Bankruptcy may be their only way out.

Celsius is based in New Jersey.

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