Celsius Users May Have Signed Away Rights to Their Crypto Assets,As per lawyers representing Celsius, many of the 1.7 million registered Celsius users from over 100 nations have already transferred the title of their assets to the crypto lending firm, that is now free to use, sell, pledge, and rehypothecate them according to its requirements. The development comes in the backdrop of the ongoing probe in Celsius’ bankruptcy filing.
Celsius Users May Have Signed Away Rights to Their Crypto Assets
Users of the Celsius Network may have signed away their own rights to their crypto assets while accepting the platform’s terms of service (ToS). As per lawyers representing Celsius, many of the 1.7 million registered Celsius users from over 100 nations have already transferred the title of their assets to the crypto lending firm, that is now free to use, sell, pledge, and rehypothecate them according to its requirements. The users more at risk of having lost their assets are the ones that held Earn and Borrow accounts with Celsius.
Earlier this month, Celsius hired a legal team from the Kirkland & Ellis LLP law firm to assist it in the process of its corporate restructuring.
After having filed for bankruptcy, Celsius lawyers have assembled documents claiming company rights over a group of user assets
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