Celsius scores a legal victory but its former CEO now faces a new lawsuit in New York

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"The Court concludes, based on Celsius’s unambiguous Terms of Use, and subject to any reserved defenses, that when the cryptocurrency assets were deposited in Earn Accounts, the cryptocurrency assets became Celsius’s property; and the cryptocurrency assets remaining in the Earn Accounts on the Petition Date became property of the Debtors’ bankruptcy estates ," Glenn wrote.

As part of his ruling, Judge Glenn also determined that Celsius was within its rights to sell $18 million worth of stablecoins to help fund the company’s administrative costs for the next several months. The lawsuit was announced by the New York Attorney General’s office and accuses Mashinksy of “defrauding hundreds of thousands of investors, including more than 26,000 New Yorkers, out of billions of dollars worth of cryptocurrency.”

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