The court-appointed independent examiner in the bankruptcy case of crypto lender Celsius has filed a final report, confirming the company’s operation as a Ponzi scheme. Celsius confirmed as a Ponzi sc...
Tag: Celsius
Celsius inflated CEL price while former CEO dumped tokens
Investigation into Celsius operation found that customer and investor funds were used to prop up CEL price The report also found that the crypto lending platform was insolvent since its inception A ne...
Celsius Under Fire for Poor Business Practices
Celsius Network poorly mismanaged its assets and deliberately misled its users, according to a recent report from a court-appointed examiner. Examiner Shoba Pillay detailed the operations of defunct c...
Celsius creditors contemplate next steps following examiner report
Despite a damning report from a court-appointed examiner, lawyers representing former Celsius customers told clients they are still in talks with the company around a “recovery corporation”...
Celsius’ Independent Examiner Reveals Astonishing Facts About Internal Discrepancies
Celsius abandoned its promise of transparency from its start, according to former prosecutor Shoba Pillay who was appointed as an independent examiner by United States Bankruptcy Judge Martin Glenn. I...
Highlights from the court report detailing Celsius’ Ponzi-like downfall
Celsius Networks used to promise customers ”financial freedom” with a ”community first” company that sold products safer than a bank. ”We are Celsius. We dream big,”...
US Bankruptcy Examiner Hints Celsius Running Ponzi Schemes
US Bankruptcy Judge Martin Glenn, overseeing Celsius’s Chapter 11 case appointer ex-prosecutor Shoba Pillay as the examiner to probe the crypto lending platform. The examiner was expected to release a...
Court-appointed examiner confirms Celsius operated as a Ponzi
An independent U.S. court-appointed examiner reported that Celsius had used customers’ deposits to prop up the CEL token and enrich two of the company’s founders. The report by former prosecutor Shoba...
Celsius Was Using Customer Deposits To Fund Withdrawals, According to Bankruptcy Examiner
A closer look at the collapse of crypto lender Celsius shows that the firm was using customer deposits to pay for withdrawals, according to an independent examiner. In a new court filing with the Unit...
Celsius Was Operated in a Ponzi-Like Manner: Report
Key Takeaways Celsius used customer funds to pump the price of its CEL token. It also used new deposits to fund customer withdrawals. Celsius CEO Alex Mashinsky and other Celsius executives cashed out...
Independent examiner finds Celsius ticks every Ponzi box
An independent investigation has determined that now-bankrupt crypto lender Celsius Network was a Ponzi scheme by using client funds to buy up its native token and inflate price. Since September, form...
Celsius failed to report $800 million in losses as CFO flagged ‘possibly illegal’ behavior
Crypto lender Celsius operated a riskier business than advertised and failed to report hundreds of millions in losses, all while CEO Alex Mashinsky cashed out more than $68 million, according to a cou...
Payback? Celsius may Issue New Token for Debts
Insolvent cryptocurrency lender Celsius may issue a new token to pay back its creditors, as reported by Bloomberg. Upon the company’s restructuring plan, the new proposal is aimed at raising fund and ...
Celsius faces backlash after unveiling dull recovery plan to exit bankruptcy
Amid the ongoing bankruptcy hearing, the now-collapsed crypto lender Celsius Network has unveiled a plan to exit the process by rebranding it into a publicly traded recovery corporation. Celsius lawye...
Binance, Galaxy Digital among secret bidders for Celsius assets
At least five firms placed bids on Celsius Network’s crypto assets, including Binance, Bank To The Future and Galaxy Digital, according to leaked information shared by crypto blogger Tiffany Fong. Fo...
Binance, Bank to the Future among secret bidders of Celsius assets – Tiffany Fong
Crypto journalist Tiffany Fong has named five crypto firms, including Binance, Bank to the Future, and Galaxy Digital, as secret bidders of bankrupt Celsius Network’s assets. In a Jan. 26 substack pos...
Their Issuers Went Bankrupt, but These Tokens Have Survived
The recent resilience of so-called zombie tokens — coins that have risen from the dead after the collapse of their issuers — have shocked crypto traders of late. The native tokens of Voyager, Lu...
New York Sues Crypto Lending Network Celsius and Its Former CEO
The state of New York and its attorney general Leticia James are suing former crypto lending network Celsius for allegedly engaging in fraud and misusing customer funds. New York Comes Down Hard on Ce...
Celsius gives update on currently available coins
Celsius recently released an update of the coins currently available in January 2023. According to it, there was almost no change in the Celsius network between November and December. On Jan. 25th, th...
Chief Judge denies third motion by Celsius clients
In a court order issued today by the United States Bankruptcy Court in the Southern District of New York, a motion filed by a former Celsius Earn Account Holder was denied. Users attempt to retrieve ...
Select Celsius Network Creditors to Receive Compensation Soon
U.S. Bankruptcy Judge Martin Glenn has ruled that Celsius creditors who deposited funds after the lender filed for bankruptcy can soon withdraw their money. Glenn’s ruling stipulates that those withdr...
Celsius Proposes Issuing New Tokens as Part of Restructuring Plan
9 hours ago | 2 mins read Defi News The results of the voting would be considered by U.S. Bankruptcy Judge Martin Glenn. Celsius plans launching a new company and rewarding creditors with a new token....
Celsius Floats Possibility of Debt Token to Repay Creditors; Secures Court Approval to Process Customer Withdrawals – Bitcoin News
The defunct crypto lender Celsius is exploring the possibility of creating a debt token to repay creditors. The plan would need to be approved by regulators, but if approved by the trustee and financi...
Court Orders Celsius To Process Customer Withdrawals And Airdrop Flare Token
– Advertisement – Celsius will process the withdrawals of certain customers following authorization by the bankruptcy court. A second court order authorized a Flare token airdrop to eligi...
Celsius Hints at New Token Launch as Part of Restructuring Plan: Report
There may be a new Celsius token on the horizon. As part of the defunct crypto lender’s reorganization plans, Celsius is mulling the issuance of a new crypto token that would let the firm raise ...
Celsius Floats Plan to Exit Bankruptcy by Issuing New Token
A lot has happened during the Celsius bankruptcy case since the platform originally went under back in July. Between accusations of fraud, arguments that customers (or unsecured creditors, according t...
Celsius Plans to Pay Creditors with a Bankruptcy Crypto Token
Celsius may issue a Bankruptcy Crypto Token to overcome its problems. Bloomberg reports that the bankrupt cryptocurrency lending platform Celsius Network LLC is proposing a way out of its current circ...
Celsius Proposes “Recovery Corporation” to Repay Creditors
The legal team of the bankrupt cryptocurrency lending firm Celsius Network LLC announced on Tuesday that the company is working on reinventing itself as a new, publicly traded “recovery corporation,” ...
Celsius lawyer says Earn account customers entitled to a ‘significant return’
Celsius Earn account customers will be “entitled to a significant return,” a representative for crypto lending firm Celsius told a bankruptcy court on Tuesday. “The Earn customers we think are...
Celsius to store 20,000 mining machines, remains optimistic about new hosting sites
The mining arm of bankrupt lending firm Celsius will temporarily store 20,000 rigs it’s retrieving from Core Scientific and is optimistic about finding new hosting locations. The company h...