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Celsius Network Files 'Adversary Complaint' Against EquitiesFirst to Recover Assets

Katie Lin

Summary: Bankrupt crypto lender Celsius Network has filed an "adversary complaint" against EquitiesFirst Holdings in an attempt to recover its assets, according to a bankruptcy court document.  EquitiesFirst is a private lending platform that owed Celsius approximately $439 million worth of cash and bitcoin (BTC) as of July 2022. Celsius first obtained collateralized loans from EquitiesFirst ...

Bankrupt crypto lender Celsius Network has filed an "adversary complaint" against EquitiesFirst Holdings in an attempt to recover its assets, according to a bankruptcy court document. 

EquitiesFirst is a private lending platform that owed Celsius approximately $439 million worth of cash and bitcoin (BTC) as of July 2022. Celsius first obtained collateralized loans from EquitiesFirst in 2019 but failed to return the collateral in 2021. The recent filing named both the company and its CEO, Alexander Christy, as defendants.

Creditors are currently in the process of voting on whether to sell assets to winning bidder consortium Fahrenheit as part of the bankruptcy proceedings. The decision could potentially allow them to recover a portion of their assets tied up within the platform.

Author: Katie Lin

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