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Personal Finance Topics / Macroeconomic Trends and Risks
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Author: Raylight   😊 😞
Number: of 1024 
Subject: Re: Crypto - Read Your Terms & Conditions
Date: 01/08/2023 9:39 AM
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Here's a couple of links to news articles regarding this ruling:

https://www.washingtonpost.com/technology/2023/01/...
https://www.reuters.com/business/finance/us-judge-...

Term and conditions available here:

https://web.archive.org/web/20230108125650/https:/...
https://archive.ph/8HGxZ

It's interesting that even media reporting on this seems to find it too much of a hassle to read and quote the terms and conditions. :)

If our Earn Service is available to you, upon your election, you will lend your Eligible Digital Assets to Celsius and grant 
Celsius all rights and title to such Digital Assets, for Celsius to use in its sole discretion while using the Earn Service.
[...]
Once such Eligible Digital Assets are received by Celsius into your Earn balance, they shall be Celsius' property,
in every sense and for all purposes, and you will immediately start accruing Rewards on such Digital Assets
[...]
[...]
You agree and acknowledge that you are exposed to the possibility that Celsius may become unable to repay its obligations to
you in part or in full, in which case any Digital Assets in your Celsius Account that are not using the Custody Service may
be at risk of partial or total loss.
[...]
In the event that Celsius becomes bankrupt, enters liquidation or is otherwise unable to repay its obligations, any
Eligible Digital Assets used in the Earn Service or as collateral under the Borrow Service may not be recoverable, and you may not
have any legal remedies or rights in connection with Celsius' obligations to you other than your rights as a creditor of Celsius
under any applicable laws.

...seems to be relevant parts. So, there are two cases, and in the latter you basically decided to lend your assets in exchange for a paper that says IOU.
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