Crypto lender CelsiusNetwork misled investors and misused customer funds in the run-up to its July bankruptcy, an independent examiner said. jackschickler reports.
In September, Shoba Pillay was asked by the court to offer an outside view of goings-on at the crypto lender, has now published an account of the firm’s operations in the run up to bankruptcy being declared in July.
In April 2022, Celsius’s Coin Deployment Specialist Dean Tappen described Celsius’s practices as “very ponzi like,” Pillay said, adding that staff were aware of the discrepancy between internal CEL mechanics and public pronouncements. In other cases the arrangement was less direct, such as between May and June 2022 when the company had to unwind borrowing after crypto returns were insufficient to fund buybacks of its CEL.
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