Sasha Hodder – founder of Hodder Law Firm – reports that the US trustee is overseeing the bankruptcy of Celsius Network Procedures seeking help from a freelancer Examined for not being transparent enough about the company.
Is the percentile trying to hide something?
At the moment, Hodder says the company and CEO Alex Mashinsky haven’t been entirely clear or honest about what type of creditors it owes, and they haven’t gone into detail about the amount owed. She stated in an interview:
if [Mashinsky] was transparent, [the trustee] You will not need to attract an independent examiner.
Celsius Network is a cryptocurrency lending platform that announced a few months ago that it has discontinued cryptocurrency withdrawals as a way to combat the constant volatility and uncertainty in the market. Cryptocurrencies are struggling hard to hold their prices in vain, with assets like bitcoin (which hit a new all-time high of $68,000 per unit in November last year) now running behind only to maintain positions at $20,000. region.
However, things did not end there as Celsius later announced that she was filing for bankruptcy. This was a move to help the company explore other options to stay in business while preventing customers and traders associated with its platform from taking drastic or legal action against executives to get their money. Hodder commented:
[Celsius is] By burning money very quickly.
Additionally, Celsius stated that if things don’t change soon, she will likely run out of all her money by the end of October, giving her another month or month and a half of work left. Chief Financial Officer Chris Ferraro says things will need to shift dramatically in the coming weeks if Celsius is to return to the top and hopes to attract some new investors soon.
Hodder further stated:
No one has been able to get any information directly from Celsius CEO Alex Mashinsky about how much they owe to certain creditors… We need more transparency. [Of] The 50 largest debtors, only ten of which are known.
Hodder also claimed that there were signs as early as April that the market was not doing well, and that Celsius may have had opportunities to act on its dwindling financial position early on and failed to do so. She commented that the company instead asked clients to increase their holdings of BTC to ensure it had enough collateral to deal with any volatility issues it was experiencing. She said:
It was disheartening for ordinary investors.
Stop spending so much!
She also mentioned that the company spends a lot every day despite the ongoing legal action. mentioned:
An investigation into that criminal case may show that creditors were lied to.
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