Creditors of Celsius Network LLC have requested assistance from a bankruptcy judge to uncover the identities of FTX users who engaged in “questionable crypto transactions” that may have influenced the value of Celsius’ proprietary token in the previous year.

The creditors aim to obtain information on 10 cryptocurrency wallets associated with suspicious trades of Celsius’ CEL coin between April and August.

The committee enlisted the services of blockchain consultant Elementus to identify suspicious transactions. On April 26, the request for subpoenas was submitted in court documents.

Elementus identified 947 transactions involving a near one-to-one relationship of CEL Token deposits and withdrawals between ten private wallets and ten FTX-operated wallets over three days.

The trades in question could hold significant value for Celsius Network’s bankruptcy case as some were executed when the platform halted withdrawals and before filing for Chapter 11 bankruptcy.

Thus, the creditors seek information on the users involved in the trades to investigate if they manipulated the price of CEL, causing losses for Celsius Network.

The creditors believe that determining the legitimacy of the trades is crucial as it could aid in resolving a dispute related to Celsius Network’s bankruptcy.

Apart from the information on suspicious trades, the committee is also seeking details on any short positions taken on CEL, which might have affected its price negatively, per court documents.

Determining whether the trades involving CEL were executed to inflate its price artificially is crucial for the committee representing Celsius Network’s creditors. They have stated that the information they seek from FTX is necessary to prove their case.

Celsius Network’s current bankruptcy plan values CEL at 20 cents on the petition date. However, the creditors have disputed this value, citing the suspicious trades that might have artificially manipulated the token’s price.