A court struggle over CelsiusNetwork's U.K. and U.S. arms could impact rival claims between customers and equity holders. jackschickler reports.
Crypto lender Celsius is seeking to mingle its U.K. and U.S. entities as court filings allege the distinction between the two was a “sham.”
The bankrupt crypto firm is the latest to face allegations of poor record-keeping in its corporate structure, in a court fight which is pitting its customers against Series B investors. In 2021, the firm – whose Celsius Network Limited arm had been warned to cease U.K. operations by the country's Financial Conduct Authority – set up a Limited Liability Company in Delaware and sought to transfer assets through a series of financial transactions.said, adding that internal records are “sorely lacking,” making it hard if not impossible to disentangle each entity’s affairs.
Regular customers, misled by management, didn’t understand the implications of this transfer – but more sophisticated Series B investors were well aware of deficient record keeping, the filing added, arguing that the two entities should be treated as one for bankruptcy purposes.
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