{"id":67881,"date":"2022-09-30T09:56:01","date_gmt":"2022-09-30T06:56:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67881"},"modified":"2025-09-07T09:00:23","modified_gmt":"2025-09-07T06:00:23","slug":"celsius-creditors-sue-equities-first-to-recover-439-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/celsius-creditors-sue-equities-first-to-recover-439-million\/","title":{"rendered":"Celsius creditors sue Equities First to recover $439 million"},"content":{"rendered":"<p>The creditors&#8217; committee of the crypto-lending platform Celsius Network<a href=\\\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174909302280000000003.pdf\\\"> filed<\/a> a lawsuit against Equities First seeking the return of $439 million.<\/p>\n<p>The plaintiff requested information on the loan agreements, any transfers of funds between Celsius and the defendant, and the reason for the defendant&#8217;s inability to return the collateral for the above amount.<\/p>\n<p>On September 29, the Texas State Securities Board, the Texas Department of Banking, and the Vermont Department of Financial Regulation opposed<a href=\"https:\/\/forklog.com\/en\/news\/celsius-network-files-motion-to-liquidate-stablecoins\"> the platform&#8217;s plan to sell stablecoins<\/a> valued at about $23 million. The court will hear the proposal on October 6.<\/p>\n<p>In regulators&#8217; motions, <a href=\\\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174909292280000000067.pdf\\\">it is stated<\/a> that Celsius could use the funds Celsius obtained to resume operations in violation of state laws.<\/p>\n<p>In September, Celsius&#8217;s chief executive officer Alex Mashinsky <a href=\"https:\/\/forklog.com\/en\/news\/alex-mashinsky-resigns-as-celsius-network-chief-executive\">stepped down from his position<\/a>.<\/p>\n<p>In August, The U.S. Trustee&#8217;s Office <a href=\"https:\/\/forklog.com\/en\/news\/u-s-authorities-raise-numerous-questions-for-celsius-network-leadership\">stated<\/a> that there were \u201cnumerous questions\u201d for the firm&#8217;s management. Earlier, the Financial Times <a href=\\\"https:\/\/forklog.news\/smi-celsius-poteryala-milliony-dollarov-iz-za-vmeshatelstva-ceo-v-torgovlyu\/\\\">reported<\/a> on Mashinsky&#8217;s involvement in implementing the trading strategy, which cost \u201cmillions of dollars\u201d.<\/p>\n<p>In September, the CEO presented <a href=\"https:\/\/forklog.com\/en\/news\/media-reports-that-celsius-ceo-plans-to-revive-the-company\">a plan to rescue the company from bankruptcy<\/a>, according to the press.<\/p>\n<p>Earlier, ForkLog reported that Celsius <a href=\"https:\/\/forklog.com\/en\/news\/celsius-weighs-wrapped-token-issuance-to-repay-debt\">is considering<\/a> issuing wrapped tokens as part of the platform&#8217;s restructuring plan.<\/p>\n<p> Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\u201d\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The creditors&#8217; committee of the crypto-lending platform Celsius Network filed a lawsuit against Equities First seeking the return of $439 million.<\/p>\n","protected":false},"author":1,"featured_media":67882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,1162],"class_list":["post-67881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"61","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=67881"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67881\/revisions"}],"predecessor-version":[{"id":67883,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67881\/revisions\/67883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/67882"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=67881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=67881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=67881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}