Bankrupt Celsius Under More Scrutiny as Court Appoints Independent Examiner

According to yesterday’s order from the United States Bankruptcy Court of the Southern District of New York, the examiner will look into Celsius’ crypto holdings, the utility obligations of its crypto mining business, recent changes to its account offerings, as well as its compliance with tax and bankruptcy proceedings.

Bringing in independent examiners can be a costly business, so it’s easy to see why some of Celsius’s borrowers have opposed the move. McCarter & English, a law firm representing some of Celsius’s borrowers, filed a motion requesting a Chapter 11 Trustee be appointed instead of an internal examiner from the US Trustee office, as the latter could “significantly delay the resolution of this case.”#Web3GrandPappa

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