Washington State Joins Celsius Bankruptcy Case as Interested Party

Sept 23,2022
KingData News: The bankruptcy case of beleaguered crypto lending platform Celsius has a new interested party: the Washington State Department of Financial Institutions. In a motion filed Thursday evening, the state’s Assistant Attorney General Stephen Manning asked Judge Martin Glenn, who is overseeing the case, to admit him on behalf of Washington’s financial regulator. Securities regulators in Washington, Alabama, Kentucky, New Jersey and Texas began an investigation into Celsius after the company suspended customer redemptions in June.
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.