Lack of cryptocurrency regulations have made the legal work on crypto bankruptcies more difficult and expensive, FTX lawyers said.
The judge also declined to declare the CEL token “not a security,” despite related rulings in the SEC v. Ripple case.
The settlement was reached in July and, if the customers agree, it will go before the court for approval in October.
Prosecutors and defense lawyers agreed to a bail modification having the former Celsius CEO under electronic monitoring and largely be restricted from moving funds over $10,000.
The former Celsius CEO has been denied a lawsuit dismissal, Tether celebrates a minor court victory and China vows to crack down on telecoms fraud using crypto and AI.
U.S. District Judge John Koeltl granted a continuance for former Celsius CEO Alex Mashinsky’s trial start date, citing the “volume of discovery” and the “complexity of the case.”
Bankrupted crypto lender Celsius Network reached two settlements that may allow the return of assets to customers and end its bankruptcy proceedings.
After buying GK8 for $115 million in 2021, Celsius is selling it for $25 million, spending 96% of the sale proceeds on legal fees.