Judge ORDERS Celsius To Return $50M To Customers

GM Readers!📪 It's BitDegree Insider, and here's what we've got for y'all today.

⭐️Today's selection:

• 🔊Celsius Ordered To Return $50M Worth of Crypto
• 👁️Federal Prosecutors Eyeing SBF
• 🧩Quiz Thursday
• 👌Selected Meme of The Day
• 📰Bite-Sized News

CELSIUS NETWORK ORDERED TO RETURN $50M WORTH OF CRYPTO

Judge Martin Glenn, The US Bankruptcy judge working on the Celsius Network LLC case, has just ordered the failed crypto lender to return what's not theirs.

This translates to an order to return cryptocurrency that has never been put into the company's interest-bearing accounts. Return it to Celsius's customers.

It's worth around $50M.

Such an order marks a different perspective on the issue.

The judge took into account the idea that funds that were stored in the custody accounts by users... actually belong to users. And not the company.

This creates a precedent. Any future cases that involve similar situations may follow suit.

And as we all know by now... Celsius was only one of the major crypto lenders that sank this year.

3AC and BlockFi are among other sunken giants from the same sector. And it starts to look like different types of 'frozen' funds will require different legal treatment.

As recently as this September, Celsius had over $200M of assets in custody funds. But most of them were previously stored in interest-bearing accounts.

So a different treatment applies.

Nevertheless, this story marks an important step toward what to expect when the unexpected happens. When 'big & promising' suddenly freeze their withdrawals... And hit the rocks.

TL;DR: Crypto lender Celsius Network sees updates in their bankruptcy ongoings. Judge just ordered them to return $50M worth of crypto to their users. These are funds that are stored in custody accounts.

SBF MANIPULATED THE MARKET? FEDERAL PROSECUTORS LAUNCH INVESTIGATION

The FTX story is like an onion. There are many layers to it. And, it seems, with every passing day, new layers present themselves.

This time... Like in Spider-Man's multiverse... Villains from different timelines appear in the same context.

Federal prosecutors are investigating whether... FTX collapse is connected with Terra, and their failed TerraUSD and Luna projects.

What's the catch? No, it's not like SBF and Do Kwon were the men behind the curtain, who laughed in a sinister manner while planning the global crypto crash.

In this case, prosecutors believe that SBF may have been the one who outplayed Do Kwon.

They're investigating the possibility that SBF manipulated the price of TerraUSD and Luna, so he made a profit from their downfall.

What's the reason for such suspicions?

Apparently, some anonymous insiders have revealed that the sell orders that ignited the breakdown of TerraUSD came from... FTX.

It's important to note that these allegations are not yet confirmed. But the fact is that it's not some random conspiracy theory. It's something that Federal Prosecutors are on.

TL;DR: Federal Prosecutors have begun investigating whether SBF was involved in Terra's collapse.

QUIZ THURSDAY

Today we've got something different. Here's a question about someone... That you must recognize if you're a web3 native. And if you won't... No problem.

Tune in tomorrow to see the right answer, and continue your journey forward!

What's his name?

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Judge Dismisses EMax Lawsuit Against Kim Kardashian and Other Celebrities. One case a year is enough for Kim.
• FTX Reportedly Sought to Sign $100M Sponsorship Deal with Taylor Swift. Taylor successfully shook it off.
• Bankman-Fried May Receive a Subpoena if He Refuses to Testify Before US Congress. The word 'may' makes all the difference though.
• Zodia Custody Introduces New Service to Protect Clients from Exchange Insolvency. 'Insolvency' is a new fear unlocked for a majority of crypto traders this year.
• Russia's Central Bank to Ban Russia-Based Miners from Selling Crypto to Locals. Sanctions from the outside, sanctions from the inside.