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Browse: Home / 2022 / June / 21 / Alex Mashinky’s Celsius crypto bank draws probe by five states – The Washington Post

Alex Mashinky’s Celsius crypto bank draws probe by five states – The Washington Post

By Securities Docket on June 21, 2022, 9:15 am

As a private unregulated company, Celsius does not come under any requirement for disclosure. Mashinsky has said the company is simply lending the crypto to investors willing to pay a premium for it. Critics including Klippsten say it has more likely been taking risky bets with that cash in a host of volatile coins and funds.

That can work, they say, when a bull market keeps the company’s own returns high and depositors’ demand for cash low. But when the market crashes, as it has over the past month, the value of Celsius’s holdings plummet at the same time that a lot of people want their money out.

Source: Alex Mashinky’s Celsius crypto bank draws probe by five states – The Washington Post

Posted in Industry, Top | Tagged Cryptocurrency

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