Cryptocurrency service supplier agrees to return $17 million to digital lender Celsius

Crypto service supplier Prime Belief agreed Thursday to return $17 million from crypto lending platform Celsius that was allegedly withheld simply as digital currencies hit their first backside final yr.

Prime Belief, which gives custodial companies for digital property, held $119 million of Celsius’ property when the 2 terminated their contract in June 2021, in line with the lawsuit Celsius filed in opposition to Prime Belief in August. Prime Belief “refused to meet its obligation” by transferring the $17 million in crypto property when the contract was dissolved, Celsius mentioned.

Bitcoin seesawed final yr, hitting a report in April 2021 of $63,000 earlier than shedding virtually half of its worth by July. It resurged to a recent report of over $64,000 in November and is now buying and selling at round $19,000.

Celsius filed for Chapter 11 chapter safety in July.

Prime Belief agreed at a listening to on the U.S. Chapter Court docket for the Southern District of New York on Thursday to return the crypto property to settle the lawsuit. These property will likely be held in a separate account till the courtroom figures out how one can distribute Celsius’ property.