We have talked a lot about Celsius around here, because it was perhaps the most ridiculous of the big crypto companies. Celsius was a crypto lending platform that offered customers high yields on their crypto deposits. In an interview with Bloomberg Businessweek, Mashinsky explained that Celsius’s rates were so much higher than bank deposit rates not because it was riskier than a bank, but because it passed along more of its earnings to customers. “Somebody is lying,” said Mashinsky: “Either the bank is lying or Celsius is lying.”
Last summer Celsius froze customer withdrawals and filed for bankruptcy. There are four long federal complaints against Celsius today, detailing its operations and the problems with them, and I will discuss them below. But all of this is just a footnote to that sales pitch. “Either the bank is lying or Celsius is lying” is everything you need to know about Celsius; a generative AI model could write all four of these complaints with no prompt but that sentence; everything that Celsius actually did is somehow contained in that sentence.
Source: Celsius Was Lying – Bloomberg