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Update on Celsius


When it comes to Celsius and all the other bankruptcies that are happening right now with other companies such as Voyager, you have something called a UCC, which stands for the unsecured creditor’s committee, the creditor’s committee is appointed by the courts and it’s usually the people that hold funds on Celsius Network, so it’s in their best interests to get the case settled immediately The US Trustee filed a motion for the appointment of an Examiner on 18 August detailing the reasons for the appointment of an Examiner, the US Trustee includes Credible allegations of incompetence or gross mismanagement: the offering of unregistered securities, failing to obtain proper licenses, failing to hedge against market volatility, and engaging in risky investments.

1) that six state regulators filed various cease and desist orders regarding selling securities – Washington (Sept 2019), New Jersey, Alabama, Texas, and Alabama (all in Sept 2021), and California (Aug 2022).

2) Significant transparency issues:

Widespread mistrust of the debtors – the need for an independent assessment & Debtors exceeds the unsecured debt limit of $5m which triggers the mandatory appointment of an Examiner (Section 1104 (c)(2) of the Bankruptcy Code)

Lots of crypto users are disappointed and think that Celsius should be liquidated, we will keep readers updated on the latest information on this case

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