Lawyers for the two institutional investors, which co-led a US$400-million funding round for the troubled crypto lending firm, expressed concern that the bankruptcy proceedings are overly focused on retail investors. Proceeds from the sale of mining equipment, subsidiary GK8 and other assets, they argued, should “largely inure” to their clients. (The Logic)

Talking point: The Caisse de dépôt et placement du Québec’s investment in Celsius, its first ever in crypto, has been a major headache for the pension fund and has raised questions about its due diligence process. In August, the Caisse revealed it has written down the entire value of its $150-million investment in the crypto lender. The filing further divides and complicates the bankruptcy proceeding, which has seen multiple factions of claimants band together in an effort to recoup funds.