Who Owns Your Coins?
Bloomberg Crypto17 Tammi 2023

Who Owns Your Coins?

It was an unwelcome ruling for about 600,000 Celsius account holders, who are probably wishing they’d read the fine print more closely before investing. Or put more stock in the crypto mantra “not your keys, not your coins.”

Earlier this month, federal Bankruptcy Judge Martin Glenn found that when people deposited assets with the now bankrupt crypto lender Celsius - and in exchange received interest on those deposits - those assets became the property of Celsius. This makes customers of the so-called Celsius “Earn Program” unsecured creditors - unlikely to get all their money back from Celsuis, (again because, well, bankruptcy).

Many investors signed up for these accounts in part because of the potentially high returns Celsius promised on their deposits - up to 18 percent. That’s far more interest than you’d make at a savings bank. But unlike at a bank, the deposits, held in crypto, were not covered by federal deposit insurance.

To give some context, the value of those accounts back in July topped $4 billion.

This ruling could impact other crypto platform arrangements.

Bloomberg’s Jeremy Hill joins the episode to break down the judge’s opinion and explain its wider implications.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.

See omnystudio.com/listener for privacy information.

Jaksot(224)

What Do Stimulus Checks Have to do With Crypto Winter?

What Do Stimulus Checks Have to do With Crypto Winter?

What do pandemic stimulus funds have to do with the recent collapse of crypto prices and entities like FTX? According to Bloomberg Opinion writer Robert Burgess, the answer is basically everything.As ...

12 Joulu 202214min

Bonus: The Crypto Story by Matt Levine - Part 7

Bonus: The Crypto Story by Matt Levine - Part 7

Listen to the final audio excerpt from a special issue of Businessweek magazine, The Crypto Story. Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means ...

11 Joulu 202222min

This Week In Crypto

This Week In Crypto

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify. The Sam Bankman-Fried apology tour continued this week, despite a number of high-profile lawyers — including one who repr...

9 Joulu 202218min

Current Groupthink of the Crypto Faithful

Current Groupthink of the Crypto Faithful

Financial markets can be subject to a fair amount of groupthink. The herd effect. Mob mentality, even. There’s actually some really interesting research into this: check out for example the paper, “Bu...

8 Joulu 202219min

The Vanishing of SBF’s  ‘Effective Altruism”

The Vanishing of SBF’s ‘Effective Altruism”

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify. Sam Bankman-Fried used to say he was a man on a mission. That mission: giving away more than a billion dollars in the ser...

7 Joulu 202217min

What Are Crypto Diehards Rebuilding After FTX’s Fall?

What Are Crypto Diehards Rebuilding After FTX’s Fall?

Listen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or  Spotify. “It’s time to rebuild…” is a catchy phrase often said by crypto industry folks after massive implosions, like the one we ...

6 Joulu 202219min

What Does Political Giving Look Like Post-FTX?

What Does Political Giving Look Like Post-FTX?

The interplay of money and politics in the US is real, and well established. And that includes when that money is either in the form of crypto, or comes from people who made their fortunes in digital ...

5 Joulu 202217min

Bonus: The Crypto Story by Matt Levine - Part 6

Bonus: The Crypto Story by Matt Levine - Part 6

Listen to the sixth audio excerpt from a special issue of Businessweek magazine, The Crypto Story. Bloomberg columnist Matt Levine uses the full issue to explain where crypto came from, what it means ...

4 Joulu 202254min

Suosittua kategoriassa Politiikka ja uutiset

uutiscast
aikalisa
ootsa-kuullut-tasta-2
rss-ootsa-kuullut-tasta
politiikan-puskaradio
tervo-halme
rss-vaalirankkurit-podcast
viisupodi
et-sa-noin-voi-sanoo-esittaa
rss-podme-livebox
rss-asiastudio
otetaan-yhdet
linda-maria
the-ulkopolitist
radio-antro
rss-raha-talous-ja-politiikka
rss-sanna-ukkola-show-verkkouutiset
rss-girls-finish-f1rst
rss-kaikki-uusiksi
rss-skn-parhaat