More than 500,000 investors in bankrupt cryptocurrency lender Celsius Network do not own their account numbers. Bankruptcy Judge Martin Glenn ruled that the cryptocurrencies belonged to Celsius and not depositors. The Celsius terms of use, which the judge found few users read, mean that crypto assets are the property of Celsius. The ruling highlights the Wild West nature of the unregulated cryptocurrency industry. Industry experts pointed out that there are many cryptocurrency platforms with similar terms of use to Celsius, and users need to understand the risks they take when storing assets on platforms that lack supervision. New York Attorney General Letitia James filed a lawsuit this week accusing Celsius founder Alex Mashinsky of defrauding hundreds of thousands of customers.
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