The case of the bankrupt cryptocurrency project Celsius will be investigated by an independent expert

The U.S. government has appointed an independent expert to look into the collapse of cryptocurrency lender Celsius Network. The Office of the Trustee, which oversees bankruptcy cases, said that there are «numerous questions» about Celsius' operations and financial condition. According to the office, an independent investigation will answer questions about the company’s finances and address «significant transparency issues» in the bankruptcy case.

«Customers, stakeholders, and the public have no real understanding of the type or actual value of the cryptocurrency held by the debtors. Also, no one knows where it is stored ,» said a representative of the US government. «An independent expert is needed to investigate and report clearly and concisely on the debtors' business model, investments, and lending operations. This is the only way to restore public trust.»

In turn, Celsius reacted sharply to the US government’s demand. The company’s Twitter account stated that it did not agree to an independent investigation. The exchange motivates this by the fact that the expert «will bring millions of dollars in costs when CEL should be cutting them.»

As a reminder, Celsius Network has filed for bankruptcy. However, this did not prevent the Celsius Network’s utility token CEL from rising in value by more than 4000% in just two months. Recently, the exchange was again accused of trying to conceal cryptocurrency fraud and deceive its investors.