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Washington State Hops on Celsius Network’s Bankruptcy Case

Washington State Hops on Celsius Network’s Bankruptcy Case

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State regulators have blamed the Celsius match on alleged “financial mismanagement.”

In a recent turn of events, Washington Assistant Attorney General Stephen Manning filed a motion on Sept. 22 with Judge Martin Glenn to represent the Washington State Department of Financial Institutions.

The archive read,

“I certify that I am a member in good standing of the Washington State Bar and, as applicable, an attorney for the United States District Court for the Western District of Washington and the Court of Appeals for the Ninth Circuit.”

  • The crypto lender first froze customer withdrawals in June, blaming “extreme market conditions.”
  • Soon after, it laid off about 150 employees and hired the consulting firm Alvarez & Marsal restructuring consultants to “preserve and protect the assets.”
  • The following month, it filed for Chapter 11 bankruptcy protection, and subsequent proceedings in the Southern District of New York revealed the depths of its financial problems. Celsius reportedly owes 500,000 creditors about $5 billion.
  • Since then, state securities regulators from Texas, Vermont, Wisconsin and now Washington have sought to increase transparency.
  • The Vermont Department of Financial Services (DFR) made serious allegations against a struggling crypto lender. After claiming that Celsius has been insolvent since 2019, DFR later claimed that in reality the platform was never profitable enough to pay the promised revenues.
  • Celsius was also accused of manipulating the market and driving up the price of its original CEL token.
  • The U.S. Department of Justice also required a court-ordered investigator to ensure that Celsius provides accurate information to creditors.
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