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Celsius bankrupt, crypto market in pieces: US authorities want answers

More embers to come – While The Celsius boss is already on the grillthe company may be forced to respond to others charges in courtat the request of the authorities.

Bears cannot be scapegoats

Celsius may have filed for Chapter 11 bankruptcy protection last July, but cryptocurrency lending platform and its management will not be able to clear customs easily than theirs responsibilitiesin this disaster that embarrasses the company’s clients.

L’Commissioner’s Officeor the US bankruptcy office, will not be satisfied with a simple or simplified explanation, conjuring a drop in price Bitcoin (BTC)which returned to the $20,000 level, to justify bankruptcy.

Authorities asked in a filing filed Aug. 18 in bankruptcy court for the Southern District of New York, appointment of an independent reviewerwho will be able to give clear and comprehensible answers to essential questions such as Celsius’ business model, operations, investments made, etc.

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Incompetence or Malice: The Celsius Hot File

Celsius pays bad picturewhich, unfortunately, he will manage to grow in a relatively short time, with his creditors.

Authorities refer to numerous messages received from the company’s customers, including statements that, even if they do not necessarily correspond to reality, reflect their feeling of mistrust relative to Celsius.

Creditors and authorities collectively blame the crypto-lending platform for the alleged lack of transparency. In such a tense situation, this perception of vagueness and even opacity in business is clearly not in favor of the company.

Commissioner’s Office therefore requires the examiner to consider allegations of ” fraud, dishonesty, incompetence, misconduct, mismanagement or impropriety in the conduct of business which are oriented to Celsius.

To these grave doubts hovering over the company, are added accusations regulators who claim that the platform has offered unrecorded titles, without having the appropriate licenses. Furthermore, Celsius would demonstrate deficiencies in its safeguards against market volatility.

Celsius must be held accountable, the message is a little clearer. The company is certainly not going to fix the situation by waving a magic wand, and probably not bitcoin mining bankrupt.

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