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Contracts Keyed to Dawson
In re Celsius Network LLC
Citation:
647 B.R. 631 (2023)Facts
Celsius Network LLC operated a cryptocurrency platform that offered various programs to customers, including the Earn Program which promised high interest rates on cryptocurrency deposits. In June 2022, Celsius froze all customer accounts due to financial difficulties and subsequently filed for Chapter 11 bankruptcy protection in July 2022. The Terms of Use that governed the relationship between Celsius and its customers explicitly stated that all digital assets transferred to Celsius as part of the Earn Program became Celsius’s property. After filing for bankruptcy, Celsius sought a court determination that these assets belonged to the bankruptcy estate rather than to individual account holders, based on the language in the Terms of Use that customers had agreed to when opening their accounts.
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