More than 60 users file a complaint against Celsius in court

Bankrupt crypto savings platform Celsius Network is now facing even more problems as some customers have now taken legal action to recover their funds that have been frozen since June.

Accordingly, on Wednesday, a group of 64 investors from Celsius filed a complaint with the responsible bankruptcy court in New York in order to obtain the release of their funds.

According to the court documents, the investors are demanding repayment of a total of $22.5 million in crypto assets that Celsius holds in its custody service for the affected users.

Investors point out that Celsius “does not yet allow withdrawals of any kind”, so crypto funds held in the platform’s custodial service cannot be withdrawn. In this context, the plaintiffs point out that this contradicts the “rather clear terms and conditions for investors”, which states that the stored crypto assets “remain in the possession of the users at all times”.

In fact, the terms and conditions of the savings platform state that crypto funds that are kept in the company's custody wallets are never owned by the crypto company.

“ Celsius will not transfer, sell, lend or otherwise lend the crypto assets in the Custody Wallets unless this is explicitly requested by the customers. The only exceptions are court or official orders”, as the General Terms and Conditions as of April 2022 explain.

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