September 2022
Celsius CEO Alex Mashinsky floats restructuring as custody business amid bankruptcy proceedings
Amid its bankruptcy proceedings, crypto lender Celsius Network LLC, one of the major players in the contagion that struck the industry earlier this year, plans to reorganize as a crypto custody business, according to audio shared by a customer of the company and a report by the New York Times. See related article: Celsius files […]
Regulator alleges Celsius resembled Ponzi scheme in new filing
A financial regulator in Vermont has all but said that bankrupted Celsius Network LLC resembled a Ponzi scheme at times, alleging the crypto lender had used new investor funds to repay previous investors, as well as misled investors about its financial health and bolstered its balance sheets by using its CEL token. See related article: […]
Crypto lender Celsius to return US$50 mln to locked out users
Celsius Network Ltd., which has filed for Chapter 11 bankruptcy, has filed a motion to return around US$50 million worth of tokens to a portion of holders as these funds are not part of the bankruptcy estate, unlike funds from Earn and Borrow clients. The hearing on the filing will take place on Oct. 6. […]