FTC Moves to Join Crypto Lender Celsius’ Bankruptcy Case

Sept 14,2022
KingData News: The Federal Trade Commission wants to get involved with failed crypto lender Celsius Network’s bankruptcy case. On Tuesday, two lawyers with the business regulator, Katherine Johnson and Katherine Aizpuru, asked the judge overseeing Celsius’ proceedings for permission to represent the FTC. She also requested a copy of all relevant documents. The requests had not been granted by press time. The regulator has joined previous bankruptcy cases however. In 2015 the agency made a motion tied to RadioShack’s bankruptcy proceedings to limit how much customer information – such as names and purchase histories – could be shared or sold.
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.