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Cryptocurrency service provider agrees to return $17 million to digital lender Celsius

Chapter filings from Celsius and Voyager have raised questions on what occurs to traders’ crypto when a platform fails.

Rafael Henrique | Sopa Photographs | Lightrocket | Getty Photographs

Crypto service supplier Prime Belief agreed Thursday to return $17 million from crypto lending platform Celsius that was allegedly withheld simply as digital currencies hit their first backside final yr.

Prime Belief, which presents custodial companies for digital belongings, held $119 million of Celsius’ belongings when the 2 terminated their contract in June 2021, based on the lawsuit Celsius filed against Prime Trust in August. Prime Belief “refused to satisfy its obligation” by transferring the $17 million in crypto belongings when the contract was dissolved, Celsius mentioned.

Bitcoin seesawed final yr, hitting a report in April 2021 of $63,000 earlier than shedding virtually half of its worth by July. It resurged to a contemporary report of over $64,000 in November and is now buying and selling at round $19,000.

Celsius filed for Chapter 11 chapter safety in July.

Prime Belief agreed at a listening to on the U.S. Chapter Courtroom for the Southern District of New York on Thursday to return the crypto belongings to settle the lawsuit. These belongings shall be held in a separate account till the courtroom figures out the right way to distribute Celsius’ belongings.

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