Bankrupt crypto lender Celsius failed to properly record thousands of transactions between its affiliate companies, leaving it unable to fully reconstruct intercompany claims, according to court filings released on Thursday.
The statement was filed by Celsius Network LLC, which detailed the amount and type of potential claims held against its affiliates.
The filing revealed that approximately 7,000 unrecorded transactions between the two entities were not reflected via intercompany transactions in the accounting books and records, making it almost impossible to fully reconstruct the intercompany claim.
Celsius filed for Chapter 11 bankruptcy in July 2021 and recently presented a plan to fuel the company’s reorganization.
The best estimate for the claim held by the LLC against Celsius Network Limited is $3.5 billion following months of analysis, the filing said.
