Celsius Creditors Move to Subpoena Lending Firm Equities First

Creditors of crypto lending firm Celsius have moved to subpoena Equities First, a lending firm which is embroiled in the Celsius bankruptcy.

The move comes after Celsius's former CEO Alex Mashinsky declared that the company had borrowed money from Equities First, and when they attempted to repay the loans Equities First was unable to return their collateral. Mashinsky said that Celsius is still owed $439 million from Equities First.

Celsius was one of the crypto firms to collapse due to the market downturn earlier this year and has been struggling to payback its creditors. The lending firm was looking at a number of ways to payback its debt, including IOU (“I Owe You”) tokens.

It was also recently reported that FTX’s Sam Bankman-Fried could bid on the bankrupt crypto bank’s assets.

At press time, Celsius's native token CEL was down nearly 0.5% at $1.45.

Read more: Bankrupt Crypto Lender Celsius Network's CEO, Alex Mashinsky, Resigns