Review report: Celsius uses QuickBooks to keep track of its finances

Celsius, like FTX, used QuickBooks to record its finances, making it particularly challenging to assess the company’s financial position after bankruptcy, according to a Celsius investigative report released by the examiner, Decrypt reported. Celsius' financials were recorded in 15 separate Quickbooks across its divisions, with no automated system to generate consolidated statements, the report showed. In addition, Celsius began manually producing the statements in the second quarter of 2022, and the investigation revealed a "significant discrepancy" between the account balances in Celsius' Quickbooks files and the account balances credited to create the consolidated statements.