Celsius publishes customers who can recover 94% of funds as Tether denies $2 billion in exposure Cryptocurrencies
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Tuesday also saw the publication of the long-awaited report from Shoba Pillay, an independent examiner and former prosecutor appointed by the bankruptcy court, which explained in detail how Celsius used the deposits of its customers to engage in “buying sprees” of their CEL token in order to prop up its value and entice new customers, all while timing sales of the token to enrich insiders.
Celsius also built their marketing around the promotion of its native CEL token. “Celsius explained that it intended to raise the initial capital to fund its business by selling 325 million CEL through private pre-sales and an initial coin offering and that these sales would raise $50 million,” she wrote. “Celsius told customers that they would receive rewards in CEL that Celsius would obtain from its internal treasury or by buying CEL in the secondary market.
The report also claimed that Three Arrows Capital, Alameda Research, and Tether were permitted to exceed their credit limits on the Celsius platform.
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