In a hearing on Dec. 7, bankruptcy judge Martin Glenn ordered the embattled crypto-lending firm to return funds that were not part of its yield-bearing accounts.
The total is around $44 million, which represents a small fraction of the billions in crypto still owed to Celsius customers, according to Bloomberg.
“I want this case to move forward,” stated the judge before adding “I want creditors to recover as much as they possibly can as soon as they possibly can.”
Celsius Network initiated voluntary Chapter 11 bankruptcy protection in July following a month of severe liquidity issues in the fallout of the Terra/Luna collapse.
Celsius Custody Funds Moving
Celsius advisers and stakeholders decided that crypto placed in custody accounts belonged to users rather than the company. What happens to the funds remaining in the interest-bearing accounts has yet to be determined.
The report added that Celsius had around $200 million in custody accounts, but a lot of it was moved there from
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