In a court filing Thursday, the trustee overseeing the beleaguered crypto lender’s bankruptcy proceedings asked a judge to appoint an examiner, who would investigate Celsius’s “business model, their operations, their investments, their lending transactions, and the nature of [their] customer accounts” to “neutralize the inherent distrust” creditors and other parties have in the firm. (The Logic)

Talking point: New Jersey-based Celsius filed for bankruptcy protection in July in the face of a torrent of withdrawal requests from customers spooked by tumbling cryptocurrency prices and a volatile global economy. Its backers included Quebec’s public pension-fund manager, the Caisse de dépôt et placement, which this week admitted it had written off its entire $150-million investment. Courts appoint examiners only occasionally, usually in particularly complicated bankruptcies or ones involving allegations of fraud, mismanagement or other misconduct. High-profile examples include the cases of Interco, Enron and Lehman Brothers. Some observers have called Celsius’s collapse the crypto world’s “Lehman Brothers moment.”