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 new report published by a court-appointed examiner has shed light on the operations of crypto lender – Celsius – before it declared bankruptcy. […]
Investigation into Celsius operation found that customer and investor funds were used to prop up CEL priceA new report published by a court-appointedhas shed light on the operations of crypto lender – Celsius – before it declared bankruptcy. The investigation carried out by Shoba Pillay states that the business model advertised to customers was different from the actual operations of Celsius.
The report stated that the platform has been deceiving its customer since the very beginning. In its inception period, it had claimed to have raised $50 million from its ICO sales, while in reality, it had raised only $32 million. Moreover, the crypto lending platform also purchased CEL tokens with the intent of increasing its price. And, its continued buying spree inflated CEL’s price by 14,751% by June 2021.
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