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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 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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The United States Trustee handling Celsius’ bankruptcy proceedings has called for an independent examiner to be brought in to “untangle” the embattled network’s financial affairs and business operations. In a motion filed on Aug. 18 to the United States Bankruptcy Court by William K. Harrington, the US Trustee has asked for
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Bankrupt cryptocurrency lending platform Cred Inc is believed to have unwittingly appointed a prison escapee as its Chief Financial Officer.A report filed by examiner Robert Stark of Brown Rudnick LLP on March 8 asserts that former Cred CFO James Alexander has been identified by U.K. authorities as a financial fugitive
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