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Celsius Was Using QuickBooks for Its Accounting—Just Like FTX

Celsius’s finances were tracked across its various divisions in 15 separate Quickbooks files, Pillay wrote, without automatic systems in place to produce consolidated statements for the crypto lender that currently owes clients and creditors $5.5 billion.

The use of Quickbooks mirrors accounting methods put in practice by bankrupt cryptocurrency exchange FTX under disgraced founder Sam Bankman-Fried, a process that’s been criticized by the company’s new CEO John Ray III as highly disorganized.

"Nothing against QuickBooks. Very nice tool," Ray said before the U.S. House Financial Services Committee in December. "It's not for a multibillion dollar company."

Celsius FTX
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