Celsius files adversary complaint against EquitiesFirst
The bankrupt crypto lender Celsius filed an adversary complaint against EquitiesFirst Holdings on Sept. 6. EquitiesFirst Holdings is an Indianapolis-based private lending company that owed Celsius nearly $439 million worth of cash and bitcoin (BTC). Initially, Celsius took collateralized loans in 2019 to help support its operations. Later on, in July 2021, Celsius aimed to retrieve the collateral it had pledged to EquitiesFirst, but EquitiesFirst couldn’t return the assets that Celsius provided. You might also like: US DOJ freezes Alex Mashinsky’s assets in Celsius case Celsius, a digital-asset lending firm, filed for Chapter 11 bankruptcy protection in July. The company cited the decline in cryptocurrency prices as the reason for its financial difficulties, which resulted in failed high-risk investments. Celsius estimated its consolidated assets and liabilities to be between $1 billion and $10 billion, with about $167 million in cash. The company also disclosed hav...