Earn Users Will Receive Lost Celsius Funds from Paxful

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On March 29, Ray Youssef, CEO of crypto marketplace Paxful, announced in a Twitter thread that the company will be refunding its Earn program users who were affected by the Celsius Network collapse in 2022.

Youssef stated that the funds will be available for affected users in the platform’s wallet in the coming days, although Paxful has not disclosed how much it is returning to customers.

This decision comes after Judge Martin Glenn ruled in a Jan. 4 bankruptcy hearing that Celsius owns the funds in the interest-bearing Earn program under its terms of use, not its depositors.

Youssef expressed his disagreement with the ruling, saying:

“This didn’t sit right with me then, and it still doesn’t sit right with me today.”