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, Yaron Shalem, after Shalem was arrested “for committing fraudulent offenses in the field of cryptocurrencies.”Celsius’ marketing has been misleading , Klippsten added. “They make it sound like a better bank, and they make it sound like a high yield savings account,” he said.

The peer-to-peer platform is intended to facilitate crypto lending, and attracts users by returning 80% of its revenue to users inCelsius users are more likely to be unsecured lenders, Klippsten notes. “You're an unsecured creditor, and they can do whatever they want with your coins out the back end, essentially trading it like a hedge fund. You don't have any rights to your coins,” he said.Yet Klippsten said that crypto lending models are not inherently troubled.

Celsius’ freeze on withdrawals and transfers, and earlier terraUSD debacle could be a wake-up call, allowing investors to see the fallacy of a risk-free, high-yield product., placing the firm’s market capitalization just above $161 million.

Source: News Formal (newsformal.com)

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