Independent third party to review Celsius's financial records
A US bankruptcy court in the Southern District of New York given approval for the case after receiving an application from the Justice Department, securities authorities, and creditors counsel. Celsius, a cryptocurrency lender, has raised no objections to the inspection by an impartial third party. Minority claimants, nevertheless, requested a trustee in order to continuously pay off the companys debts. In Chapter 11 bankruptcy, examiners are rarely used. The Committee for Unsecured Creditors (UCC), a consumer and creditor group, has earlier voiced fears about the expense of hiring an examiner, but recently they came to an agreement with the U.S. Trustee Program, to direct the examiners investigation and compel them to alter their stance. Further altering the parameters of the independent audit of the cryptocurrency lenders finances is a possibility, as per Martin Glenn, the judge handling the Celsius case. The US Trustee made the first move to select an examiner last month. According to the US Trustee last month, the case requires an unbiased auditor due to “severe financial irregularities” and “the extensive mistrust of the Debtors customers.” In the meantime, the UCC is also investigating Celsius on its own. After halting customer deposits, exchanges, and remittances in June, Celsius declared