The trustee tasked with overseeing Celsius Network’s bankruptcy proceedings has asked a federal court judge in New York to deny the failed crypto lender’s recent motions to reopen customer withdrawals and sell off its $23 million in stablecoin holdings, calling the actions impulsive and premature.
In an objection filed Friday, attorneys for the U.S. Trustee Program argued the motions should be denied at least until the independent examiner’s report has been filed. Shoba Pillay, a Chicago-based partner of law firm Jenner & Block, was appointed examiner on Thursday.
Pillay’s examination of Celsius’ holdings and operations will dig into where and how the company is holding customer funds, whether accounts were commingle and why Celsius changed its account offerings for some customers beginning in April from the its Earn program to custody service.
The company's motion to reopen withdrawals would apply only to customers holding “pure custody assets,” which Celsius has failed to...
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