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CEO Dave Perrill stepped down earlier this month but will continue to serve on the board, the spokesperson added. Drake Harvey, who has been chief operating officer for the last year, has taken the role of president at Compute North, the spokesperson said. Source
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According to a recently leaked recording stemming from the bankrupt crypto lender Celsius, the business is attempting to revive the company after falling into a financial burden. Following the leak, a Southern District of New York bankruptcy judge appointed a third-party examiner to review the company’s finances. Celsius is also
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A federal judge overseeing crypto lender Celsius’ bankruptcy case has given the green light for the motion to appoint an independent examiner to investigate aspects of Celsius’ business.In an order dated Wednesday from the United States Bankruptcy Court of the Southern District of New York, the order notes that the examiner’s
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Celsius initiated bankruptcy proceedings earlier this summer after freezing users withdrawals on its platform in June due to “extreme market conditions.” Trouble began for the firm when spooked retail investors rushed to withdraw their assets from Celsius’ platform, precipitating a bank run-like situation at the exchange, following May’s crash of
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The Federal Trade Commission wants to get involved with failed crypto lender Celsius’ bankruptcy case. Source
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The regulator went so far as to imply that Celsius operated like a Ponzi scheme, saying the company’s admission that it did not generate enough revenue to support its yield product “shows a high level of financial mismanagement and also suggests that, at least at some points in time, yields
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Another hearing for the ongoing bankruptcy case is scheduled for Sept. 14, 2022, though the judge also suggested a separate session to hash out the differences may be beneficial. There is also a hearing scheduled for Oct. 6, 2022, to discuss the custody account holders. Both Celsius and the custody
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The Celsius Network is one of many crypto lending firms that has been swept up in the wake of the so-called “crypto contagion.” Rumors of Celsius’ insolvency began circulating in June after the crypto lender was forced to halt withdrawals due to “extreme market conditions” on June 13 and eventually filed
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"There is no real understanding among customers, parties in interest, and the public as to the type or actual value of crypto held by the Debtors or where it is held. An independent examiner is necessary here to investigate and report in a clear and understandable way on the Debtors’
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