US Trustee Urges Celcius Network To Avoid Reopening Customer Withdrawals

Recently, a representative looking after the proceedings of bankrupt Celsius Network has filed an objection with the New York’s Federal court judge to not take forward the motions for reopening customer withdrawals and liquidating its $23 million in stablecoin holdings. 

Shoba Pillay, a Chicago-based partner of law firm Jenner & Block, was appointed as an examiner on Thursday who will oversee how and where the customer’s funds are being held and why there was a change in the account offerings for a few customers in early April. The company’s motion to reopen withdrawals would apply only to customers holding “pure custody assets,” which Celsius has failed to define.

The platform’s actions are inviting criticism from the market participants and are being termed “impulsive and premature.”