A creditors’ committee represented by a law firm is already investigating the company and its officials, including CEO Alex Mashinsky.
An independent examiner will look into various aspects of Celsius Network’s digital asset holdings, a US Bankruptcy Court ruled. It indicates that the failed crypto lending platform will face more stringent scrutiny of its financial conduct.said. However, the examiner has not been selected yet.The court order to appoint an independent examiner comes in the wake of the Justice Department’s repeated call for greater transparency during the insolvency hearings.
In this case, the examiner will probe how Celsius stores its crypto assets and if different types of accounts are mixed at some stage. A committee of unsecured creditors, represented by law firm White & Case, is conducting a wide-ranging investigation of the company and its officials, including CEO Alex Mashinsky. It’s receiving information about his withdrawals from Celsius, the coverage said, attributing the information to Greg Pesce of the law firm White & Case.
The Vermont regulators also revealed that the CFO of Celsius, Chris Ferraro, admitted to the court that the network’s financial troubles began with losses incurred in 2020 and 2021. This conflicted with their claim that the platform faced liquidity problems due to the 2022 market crash.in the Bankruptcy Court seeking permission for a small group of customers to withdraw their holdings from the Custody Program and Withhold Accounts, two different types of storage wallets.
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