Celsius First-day Bankruptcy Proceedings Address the Interim Before a Reorganization

Jul 19,2022
KingData News: First-day proceedings of Celsius’s Chapter 11 bankruptcy case took place today, focusing on interim motions to allow the firm to continue operations in the lead up to the reorganization. The day's motions were focused on allocating the funds necessary to maintain critical operations until the restructuring is underway. Judge Martin Glenn appeared amenable to the majority of the requests. However, the Department of Justice's Office of the US Trustee made it clear it's hoping Celsius will provide more transparency going forward, which Glenn sought to accommodate.
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.