The Chief Bankruptcy Judge Martin Glenn ruled that crypto lender Celsius Network must return roughly $44 million worth of crypto to customers, regardless of whether it had been transferred into Celsius’s interest-bearing accounts.
It was also decided that Celsius wasn’t liable to return crypto if the transfers were less than $7,500, which adds up to about $11 million in assets.
The case came to light following Celsius filing for Chapter 11 bankruptcy protection on July, revealing that it had between $1 billion and $10 billion in liabilities and more than 100,000 creditors.
This week, the company received an extension on its period of exclusivity for the submission of a Chapter 11 reorganization plan, which will now be due on February 15.
