The crypto lending platform went bankrupt last June, according to an ongoing court-independent investigation. Celsius allegedly a ponzi net.
Former US prosecutor Shoba Pillay has scrutinized allegations since September that Celsius has embezzled funds and defrauded investors. As a partner at a law firm, Pillay was appointed independent auditor by judge Martin Glenn, who handled the lending platform’s bankruptcy case.
In the summary of the 700-page report he prepared as a result of Pillay’s months-long investigation, he stated that Celsius concluded that the trust, transparency and financial freedom promised to investors were completely misleading.
“Celsius seems to be involved in something very different from what he promised his clients behind the scenes.”
Is Celsius a Ponzi Network?
According to the report prepared by the independent auditor Celsius, bought at certain time intervals to deliberately increase the price of its native token CEL. Since June 2021, the price of the CEL coin has risen 14 thousand percent.
Founder at the fore Alex Mashinsky company employees used this situation maliciously. Celsius founder only CEL It is claimed to have generated approximately $65 million in revenue from the token.
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