Independent Examiner Ordered to Produce Interim Report About Crypto Lender Celsius

Oct 08,2022
KingData News: The independent examiner in crypto lender Celsius Network’s bankruptcy will need to produce an interim report detailing Celsius’ financial management and handling of customer accounts, U.S. bankruptcy Judge Martin Glenn ruled Friday during a court hearing. The interim report, expected to be filed in mid-November, will form part of the process to determine who owns the crypto assets held in Custody and Withhold accounts, and under what circumstances Custody and Withhold account holders may access their holdings, according to the ruling.
On June 13, digital asset lending platform Celsius Network announced that it would suspend all withdrawals, swaps and transfers between accounts due to extreme market conditions. On the same day, Etherscan data showed that Celsius transferred a total of approximately 111,815 ETH to FTX over the last three days. This indicator provides a real-time tracking of Celsius' funding crisis.
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