Troubled crypto firm Celsius (CEL) is now calling itself a shadow bank, saying 80 percent of its customers had signed over rights to crypto assets in favor of Celsius, according to its terms and conditions.
“Celsius is not an asset manager, it is a shadow bank. And deposits in banks are not even “customer assets”, let alone assets under management. Celsius’ terms of use make it abundantly clear that customers who deposit funds into Celsius’ interest-bearing accounts are lending their funds to Celsius to do as they please. And it specifically states that in the event of bankruptcy, customers may not get all – or indeed any – of their money back,” Celsius’ legal team argued in court, Cryptopotato reported.
Not only this, Celsius would rather place its image as a Bitcoin (BTC) mining company than a decentralized finance (DeFi) crypto company. Celsius’ lawyers argued that BTC mining has an important place in their restructuring plans. Thus, Celsius received approval from US Bankruptcy Court Judge Martin Glenn to spend $3.7 billion on a new BTC mining construction job and $1.5 million on duties and taxes on imported mining rigs.
Patrick Nash, the lawyer representing Celsius, told Reuters: “In a world where the crypto market is recovering, the mining business has the potential to be quite valuable.”
Customers can now send a message about a claim to Stretto. For further information:
– Visit: https://t.co/TKyr06AaAq
– Call: +1 (855) 423-1530 (US) or +1 (949) 669-5873 (International)
– Email: [email protected]— Celsius (@CelsiusNetwork) 19 July 2022
Cryptocurrency prices
The global crypto market cap was up 3.6 percent to $1.1 trillion at 8:50 a.m. Global crypto volume was $132 billion, according to Coingecko data.
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $23,323.41, up 5.26 percent in the last 24 hours. Ethereum (ETH) rose 1.07 percent to $1,546.39.
“The market leader surged through $23,000 and is currently trading around $23,300 with almost a 6% gain in the last 24 hours. However, Ether has retreated 50 percent in the last week with updates on the merger. This positive momentum is a great sight for investors,” says Gaurav Dahake , CEO and Founder, Bitbns.
Among other notable coins, Cardano (ADA) was up 8.58 percent to $0.5236; Algorand (ALGO) traded up 5.09 percent to $0.3722, Solana (SOL) traded up 3.65 percent to $45.08, Polkadot (DOT) gained 1.24 percent to $7, 84, and Binance Coin (BNB) ) rose 2.23 percent to $266.46.
The biggest gainer of the day was Flow (FLOW), which was up 21.48 percent to $2.06. The biggest loser was Ethereum Classic (ETC), which was down 5.41 percent to $24.51.
Meme coin and defi prizes
Dogecoin (DOGE) rose 3.62 percent to $0.06916. The volume to market capitalization ratio is 0.05499. Rival Shiba Inu (SHIB) was up 4.59 percent to $0.00001229.
Dogelon Mars (ELON) rose 5.55 percent to trade at $0.0000003575, Floki Inu (FLOKI) rose 24.32 percent to $0.000008771, and Samoyed Coin (SAMO) rose 0.67 percent to $0.01113.
In the DeFi segment, YFI (yearn.finance) was up 5 percent to $6,753.25, and Terra Classic (LUNC) traded up 0.72 percent to $0.0001067. Avalanche (AVAX) rose 4.72 percent to $25.05, Aave (AAVE) rose 1.42 percent to $95.84, and Uniswap (UNI) traded down 1.08 percent to $7.38 dollars.
