Bankrupt crypto lender Celsius did not sufficiently record transactions between its affiliate companies, making it near impossible to "fully reconstruct" intercompany claims, court filings from Thursday show.
Celsius Network LLC filed Thursday's statement on the amount and type of any potential claims it held against its affiliates in response to a Feb. 9 court order from a New York bankruptcy court.
The approximately $9.1 billion intercompany claim held by Celsius Network LLC against Celsius Network Limited (CNL) based on books and records "does not take into account the shortfalls in record keeping" – including an estimated 7,000 unrecorded transactions between the two entities in the three months leading up to the bankruptcy filing.
(By Sandali Handagama)
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