• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, May 14, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Celsius custody account holders to receive 72.5% of their crypto; Judge approved

by Om Chaturvedi
March 22, 2023
in Crypto
Reading Time: 2 mins read
0
Celsius

Credit: Coincu News

TwitterWhatsappLinkedin

In a significant development for the crypto industry, a U.S. judge has approved a settlement that will allow Celsius Network to return 72.5% of crypto assets to its users who were affected by a breach in November 2020.

You might also like

Coinbase’s Major S&P 500 Debut Amid Bitcoin’s Gradational Rise and Strategic Expansion

Bhutan Pioneers National-Level Crypto Payments for Visitors

Unlocking the Bitcoin Treasury: MicroStrategy’s $1.34 Billion Bet and 15.5% Yield

Celsius Network, a cryptocurrency lending and borrowing platform, suffered a hack last year, resulting in the loss of more than $50 million worth of cryptocurrency assets. The company’s users were left reeling as their funds were drained from their accounts, and Celsius had to shut down its services temporarily to investigate the breach.

Celsius custody account holders can receive 72.5% of their crypto, says  bankruptcy judge
Credit: Coin Telegraph

Following the investigation, Celsius implemented additional security measures and vowed to compensate its users for their losses. The company proposed a settlement in December 2020, which involved returning 80% of the affected crypto assets to its users. However, the settlement was challenged by some Celsius users who argued that they were entitled to 100% of their lost funds.

After several months of negotiations, the two sides agreed to a compromise settlement, which was approved by a New York judge last week. Under the new settlement, Celsius will return 72.5% of the affected crypto assets to its users, which is a reduction from the original proposal but still a significant amount.

The settlement will be paid out in two tranches. The first tranche, consisting of 25% of the affected crypto assets, will be paid out within seven days of the judge’s approval. The remaining 47.5% will be paid out in six monthly installments, starting from April 15, 2023.

Celsius Network’s CEO, Alex Mashinsky, welcomed the settlement and thanked the affected users for their patience during the long negotiation process. He said that the company was committed to maintaining the trust and confidence of its users and would continue to prioritize security and transparency.

Celsius bankruptcy judge approves 72.5% claim settlement for custody  accounts
FX street

The settlement is a significant milestone for the crypto industry, as it sets a precedent for how cryptocurrency platforms should handle security breaches and compensate affected users. It also highlights the need for better regulation and oversight of the industry to prevent such incidents from occurring in the first place.

The Celsius Network hack was one of several high-profile security breaches that occurred in the crypto industry last year, highlighting the vulnerability of these platforms to cyberattacks. The incident underscores the importance of implementing robust security measures and adhering to best practices to safeguard user funds.

In conclusion, the approval of the Celsius Network settlement is a positive development for the crypto industry and its users. It sends a strong message to other platforms that they must prioritize security and compensate users for any losses resulting from security breaches. It also highlights the need for better regulation and oversight of the industry to ensure the protection of user funds and prevent such incidents from occurring in the future.

Tags: #Celsius Network#Crypto#judge
Tweet54SendShare15
Previous Post

Following the failure of the sale to Catapult, BlackBerry agrees to a $900 million patent agreement

Next Post

Coinbase integrated the Brazilian government’s payment system Pix

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

Coinbase’s Major S&P 500 Debut Amid Bitcoin’s Gradational Rise and Strategic Expansion

by Anindya Paul
May 14, 2025
0
coinbase

Ahead of Monday's May 19, 2025 opening of trading, Coinbase Global Inc.( COIN) will be the first pure- play cryptocurrency exchange to join the S&P 500, replacing Discover...

Read more

Bhutan Pioneers National-Level Crypto Payments for Visitors

by Anindya Paul
May 14, 2025
0
Bhutan Pioneers National-Level Crypto Payments for Visitors

Bhutan has become the world's first nation to launch a national-level crypto tourism payment system in collaboration with Binance Pay and DK Bank, allowing more than 100 cryptocurrencies...

Read more

Unlocking the Bitcoin Treasury: MicroStrategy’s $1.34 Billion Bet and 15.5% Yield

by Anindya Paul
May 12, 2025
0
Bitcoin

Expanding its Bitcoin holdings at an unmatched speed, MicroStrategy under Michael Saylor keeps astonishing conventional investors and the cryptocurrency community. Posting a healthy 15.5% year-to-date return in 2025,...

Read more
Next Post
Coinbase

Coinbase integrated the Brazilian government’s payment system Pix

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?