Celsius Network Custody Clients Tap Lawyer to Reclaim $180M

Aug 02,2022
KingData News: Customers who held cryptocurrency in custody accounts at Celsius Network, the bankrupt trading and lending firm, have banded together to hire legal counsel in a bid to get their money back. The custody claimants, who account for about $180 million, or just 4% of the overall assets locked up in Celsius, are enlisting the services of Kyle J. Ortiz, a partner at the corporate restructuring firm Togut, Segal & Segal LLP.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.