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Browse: Home / Celsius

Celsius

Celsius! – Bloomberg

By Securities Docket on January 31, 2023, 3:39 pm

On the other hand here are some actual quotes from the bankruptcy report!… In April 2022, Celsius’s Coin Deployment Specialist described Celsius’s practice of “using customer stable coins” and “growing short in customer coins” to buy CEL as “very ponzi like.” A few weeks later when Celsius made another push to prop up the price […]

Posted in Industry, Top | Tagged Celsius

Celsius Used New Customer Funds to Pay for Withdrawals: Independent Examiner

By Securities Docket on January 31, 2023, 9:43 am

Celsius misled its investors – and on occasion used new customer funds to pay for other customers’ withdrawals, the usual definition of a Ponzi scheme, an independent examiner for the New York bankruptcy court said in a Tuesday filing. In September, Shoba Pillay was asked by the court to offer an outside view of goings-on […]

Posted in Criminal, Top | Tagged Celsius, Ponzis

Crypto Investors Got Burned by Celsius. Then They Battled Back. – WSJ

By Securities Docket on September 28, 2022, 8:03 am

Thousands of Celsius customers are gathering on social media apps such as Telegram and Reddit to parse legal filings together, pooling funds to pay for lawyers and making YouTube summaries of developments at court hearings. Some are reading up on U.S. bankruptcy law, providing translations for non-English speakers and trying to engineer their own white-knight […]

Posted in Industry, Top | Tagged Bankruptcy, Celsius

Vermont Regulators Didn’t Use the Word, but I Will: Celsius Was a Ponzi

By Securities Docket on September 8, 2022, 8:05 am

A bombshell new filing by the Vermont Department of Financial Regulation in the Chapter 11 proceedings of the collapsed Celsius Network makes the case that the crypto lender was effectively insolvent, not just after the crypto market declines of early 2022 but as early as 2019. Celsius itself admitted to investigators “that the company had […]

Posted in Industry, Regulation, Top | Tagged Celsius

They Lost Crypto in the Crash. They’re Trying to Get It Back. – The New York Times

By Securities Docket on August 18, 2022, 7:59 am

About 58,000 customers held cryptocurrencies in the company’s custody accounts. The lawyer whom Mr. Little’s group hired, Kyle Ortiz, plans to argue that those funds — worth $180 million — remain the customers’ property under the terms of service. For Celsius’s interest-bearing accounts, that would be a difficult case to make, legal experts said. But […]

Posted in Industry, Top | Tagged Celsius

Tether’s recovery of an $840mn loan scrutinised in Celsius bankruptcy | Financial Times

By Securities Docket on July 27, 2022, 8:52 am

Tether, whose $66bn stablecoin known as USDT plays a key role in crypto markets, recouped an $840mn loan to Celsius ahead of the bankruptcy by selling bitcoin Celsius pledged as collateral. The question now is whether Celsius could reclaim the value Tether received in the loan liquidation. The answer would clarify an uncertain area of […]

Posted in Industry, Top | Tagged Celsius, Tether

Celsius customers write pleas to bankruptcy court to get crypto back: ‘This is an emergency situation, simply to keep a roof over my family and food on their table.’ – MarketWatch

By Securities Docket on July 27, 2022, 8:47 am

Some customers of crypto lender Celsius Network, which filed for bankruptcy earlier this month, have written to the Bankruptcy Court for the Southern District of New York, with a hope of getting their funds back. *** In letters to the bankruptcy court, many Celsius customers said they felt lied to by the company and by […]

Posted in Industry, Top | Tagged Celsius

Crypto Lender Celsius Files for Bankruptcy After Freezing Withdrawals – Bloomberg

By Securities Docket on July 14, 2022, 7:54 am

Cryptocurrency lender Celsius Network Ltd. filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s biggest names and exposed hundreds of thousands of individual investors to steep losses. Celsius, which has more than 100,000 creditors, said it took the step to stabilize its business […]

Posted in Industry, Top | Tagged Bankruptcy, Celsius

Lawsuit accuses troubled crypto lender Celsius Network of fraud | Reuters

By Securities Docket on July 8, 2022, 8:21 am

A former investment manager at Celsius Network sued the crypto lender on Thursday, saying it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk, causing it to freeze customer assets. The complaint said Celsius ran a Ponzi scheme to benefit itself through “gross mismanagement of customer […]

Posted in Industry, Top | Tagged Celsius, Fraud

Celsius Customers Are Losing Hope for Their Locked-Up Crypto – WSJ

By Securities Docket on July 3, 2022, 9:02 am

John Buzolits, a 35-year-old commercial real-estate broker in Philadelphia, opened a Celsius account in March for his bitcoin. Using bitcoin as collateral, Mr. Buzolits took out a loan of $62,500 in a stablecoin called USD Coin. *** In the wee hours of Sunday morning, June 12, Mr. Buzolits grew concerned and repaid his loan. He […]

Posted in Industry, Top | Tagged Celsius

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