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Examiner: Celsius' accounting and operational controls were 'insufficient'

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In the bankruptcy case involving crypto lender Celsius, the independent examiner claims that the company did not establish «adequate» accounting and operational controls in its handling of client cash.

These allegations are based on the fact that the company failed to establish «adequate» accounting and operational controls.

The examiner made these accusations in their report. In an initial report that was made public on November 19 by the court that assigned Examiner Shoba Pillay the task of looking into the bitcoin loan site, Examiner Shoba Pillay brought up several critical issues concerning the site that is no longer in operation.

One of the most shocking admissions made in Pillay's report was the fact that Celsius' Custody programme was initiated «without proper accounting and operational controls or technological infrastructure.» This was one of the most important discoveries made in the investigation.

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