An independent probe has been ordered by the US Trustee Office in the Celsius bankruptcy case as there are multiple questions related to the company’s transparency, finances, and operations. As such, the US Trustee Office filed a motion asking for an independent examiner.
The filing stated that an independent review would shed light on transparency issues related to Celsius’ finances and operations. It also highlighted a lack of visibility regarding the company’s operations. The filing observed that it had been ongoing and is evidenced by the sudden changes in the types of customer accounts and extensive customer confusion about the status of individual assets.
It stated that there is no real understanding among customers, parties in interest, and the public as to the type or actual value of crypto held by debtors, or where it is held. The US Trustee Office said an independent examiner is, therefore, necessary to investigate and report a clear and understandable way on the debtors’ business model, their operations and investments, lending transactions, as well as the nature of the customer accounts.
It has also come to the fore that Celsius made use of a third-party loan from an unidentified source. The US Trustee Office deems this best to be handled by an independent examiner. It believes this would be in the interest of Celsius’ customers, shareholders, and the company as a whole. The probe is regarded as the next major development in the case. Furthermore, Celsius has been looking at fresh financing offers through restructuring, or selling its business. Reports say the bankrupt company has received numerous cash offers, including Ripple Labs.