According to Celsius’ terms of use, the right to any digital assets in Celsius’ custody wallet shall “at all times remain” with customers and not be transferred to Celsius.
“Celsius will not transfer, sell, loan or otherwise rehypothecate eligible digital assets held in a custody wallet unless specifically instructed by you, except as required by valid court order, competent regulatory agency, government agency or applicable law,” the statement reads. The terms of use were last revised in April 2022, Celsius noted.
Celsius Network is one of the many crypto lending platforms that have experienced major issues amid the ongoing bear market and associated liquidity issues in the crypto lending sector. The company has a $1.2 billion gap in its balance sheet, with most liabilities owed to its users. Celsius filed for Chapter 11 bankruptcy protection in mid-July.
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