Celsius Network Faces Claims of Sham Distinctions Crypto News

Claims of Sham Distinctions Are Made Against Celsius Network

Celsius Network, the defunct crypto lender, is seeking to merge its US and UK entities as court filings allege the distinction between the two was a "sham". The disagreement centers around a decision by Celsius to create a limited liability company in Delaware and transfer assets there after being issued with a warning to cease operations in the UK last year. The new filings argue the two entities should be treated as one and the same in subsequent bankruptcy proceedings. The auction of Celsius' assets is scheduled to go ahead on 3 May, with NovaWulf Digital Management "stalking horse bidder".