Creditors of Celsius claim that some FTX users have engaged in questionable transactions that may have manipulated Celsius’s price.
Creditors of Celsius Network, represented by the committee, sought permission from the bankruptcy judge to subpoena FTX and requested information on 10 crypto wallets allegedly involved in questionable transactions of CEL coin. Creditors believe that information from FTX will assist in determining whether transactions are legitimate.
947 FTX-Associated Transactions Detected
The committee enlisted the help of blockchain consultant Elementus to identify suspicious transactions. The subpoena, filed by the committee on April 26, reads: “Elementus identified 947 transactions between ten personal wallets and ten wallets operated by FTX that included a nearly one-to-one correlation of CEL token deposits and withdrawals over the three-day period.”
The committee representing creditors of Celsius Network stated that the information they requested from FTX was crucial in determining whether it was intended to artificially inflate the price of transactions involving the CEL.
The committee also requested information on any short positions taken in the CEL. According to the court filing, this transaction may also have had a negative impact on the price.
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