menuIcon
$ 106,215.2
BTC
$ 106,215.2
0.77 %
$ 2,524.54
ETH
$ 2,524.54
0.51 %
$ 0.6723
ADA
$ 0.6723
1.44 %
$ 653.08
BNB
$ 653.08
0.44 %
$ 151.85
SOL
$ 151.85
0.68 %
Usha Yadav
Sep 30, 2022
by Usha Yadav

Celsius Creditors Move To Subpoena Lending Firm Equities First

Celsius Equities First

Table of contents

  1. Loan Agreement Celsius and EFH
  2. Proposal To Liquidate Stablecoin
Creditors of the crypto lending firm Celsius have subpoenaed Equities First Holdings (EFH), an institutional investment company embroiled in the bankruptcy of Celsius. The move developed after Alex Mashinsky, Celsius's former chief executive officer, claimed his company had borrowed money from Equities First; when the trouble crypto lending firm tried to repay the loan, Equities First failed to return their collateral. According to Mashinsky, Equities First still owes Celsius $439 million.

Loan Agreement Celsius and EFH

Creditors are interested in knowing about the loan agreements between Celsius and Equities First, any transfers of cash or cryptocurrency between Celsius and the investment firm, and the circumstances surrounding Equities First's inability to repay the $439 million collateral to Celsius.

The market downturn caused Celsius to collapse earlier this year due to its inability to repay creditors. The now-bankrupt lending company considered selling its stablecoin assets and creating IOU ("I Owe You") tokens to settle its obligation.

Proposal To Liquidate Stablecoin

State agencies in Texas protested Celsius' proposal to liquidate its stablecoin holdings on Thursday. A hearing regarding the future stablecoin sale is scheduled for October 6 in New York. According to reports, Sam Bankman-Fried, popularly known as SBF, of FTX would make a bid for the assets of the defunct crypto bank.

Follow us on: News
Celsius Alex Mashinsky Celsius Creditors Equities First
Celsius Creditors Move To Subpoena Lending Firm Equities First
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Top Picks