Federal Trade Commission Seeks Participation In Celsius Bankruptcy

The Federal Trade Commission is filing to seek entry into bankruptcy proceedings in Celsius.

As reported by Coindesk, the Federal Trade Commission filed Tuesday to join the bankruptcy proceedings of crypto lender Celsius.

According to court documents, FTC attorneys Katherine Aizpuru and Katherine Johnson have asked to represent the commission in the case. Johnson applied to “represent the Federal Trade Commission in the above-referenced jointly administered cases and any related adversary proceedings,” according to a filing.

At the time of publication, the court had not formally approved the demands made by the FTC lawyers. The consumer protection agency has intervened in other bankruptcy cases where it thinks private customer information may be revealed during the company’s dissolution, such as the bankruptcy of an education technology company in 2014. The sensitivity around personal data may make bankruptcy cases even more complicated.

As was updated in an article by Coincu News, on the same day, the CEO of Celsius is planning with the ambition to revive the company after the crypto crash. According to the plan, the company will focus on custody after returning to operation. This plan is receiving negative reactions from the community.

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