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BANKRUPTCY JUDGE ADVANCES PROBE INTO WHETHER CELSIUS OPERATED AS PONZI SCHEME
A COURT-APPOINTED EXAMINER AND A COMMITTEE OF CELSIUS CREDITORS WILL CONFER
ABOUT WHO WILL LEAD AN INVESTIGATION INTO THE CRYPTO LENDER’S USE OF CUSTOMER
MONEY
CELSIUS NETWORK FILED FOR BANKRUPTCY AFTER FREEZING WITHDRAWALS IN JUNE AMID A
MELTDOWN IN DIGITAL CURRENCIES.
Photo: DADO RUVIC/REUTERS
By
Soma Biswas
Nov. 1, 2022 6:11 pm ET
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A bankruptcy judge advanced an inquiry into Celsius Network LLC’s business
practices and whether it operated as a Ponzi scheme, responding to customer
demands to look into how the crypto lender used their money.
A court-appointed examiner and the official committee of Celsius creditors were
instructed in a bankruptcy-court hearing Tuesday to meet and confer about who
will lead the probe into whether the firm used some depositors’ money to meet
financial obligations to others.
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