Bankrupt cryptocurrency firm Celsius failed to set up proper accounting and operational controls to ensure that customer funds in certain deposit accounts were set aside from the rest of its crypto holdings, according to an examiner
in certain deposit accounts were set aside from the rest of its crypto holdings, according to an independent examiner appointed in the company’s chapter 11 case.
In a report released Saturday, examiner Shoba Pillay found that since Celsius hadn’t developed separate infrastructure for the so-called custody program it started offering in April, the firm had to take steps to transfer funds into the custody accounts from the rest of its holdings to address frequent shortfalls.
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