The Independent examiner appointed for Celsius Network LLC's chapter 11 case said that the company failed to set up proper accounting and operational controls.
The examiner found that Celsius hadn't developed a separate infrastructure for the custody program, which it started offering in April.
Dallas Mavericks owner and investor Mark Cuban on Sunday unfollowed several cryptocurrency-related accounts on Twitter, triggering fears that he might be losing faith in the sector.
LEO (CRYPTO:LEO), the native token of crypto exchange Bitfinex, is rallying as the overall crypto market struggles to gain footing. The utility token was up 18% in the past seven days, trading at $4.44, recorded on Monday, 12 a.m. EST.
The two largest cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), traded in the red on Sunday evening as the global cryptocurrency market cap shrunk 3.81% to $804.37 billion at 8:54 p.m. EST.
President Joe Biden’s administration has called for stronger regulatory controls over Bitcoin (CRYPTO: BTC) and other cryptocurrencies in response to the scandal, potential fraud, and money lost through the collapse of Sam Bankman-Fried’s FTX