The independent investigator assigned to the ongoing trial of bankrupt Celsius Network (CEL) explained that the company’s financial operations at one point turned into a ponzi scheme.
Independent investigator of the New York bankruptcy court Shoba Pillay, He made striking statements about the Celsius file, which he examined as a third eye. Appointed by the bankruptcy court to review the Celsius case, Pillay said he had some approximations based on past financial records. 500 pages As a result of his detailed research, Celsius “ponzi scheme” defined as.
However, Celsius expressed by the managers throughout the whole process. has a 200% guarantee Denying the statements, Pillay said that Celsius’ corporate loans 14% completely unsecured stated that. Pillay expects this unsecured rate to be around mid-2021. to 36% He stressed that even then, some of the collateral was formed in unstable assets such as FTT.
The inspector, who also denied the claims that Celcius employees did not sell CEL, is the founder of Celsius. Mashinskyat least in the period from 2018 to bankruptcy. $68.7 million worth 25 million CELs He said he was selling. In addition, the founding partners Nuke Goldstein and S. Daniel Leonrespectively, of $2.8 million and $9.74 million It was recorded that he sold CELs worth worth.
between CEL financial mechanics and public disclosures. aware of the inconsistency Adding to his words, the inspector claimed that the company uses new customer funds to meet withdrawal requests at certain time intervals.
Between June 9 and June 12, Celsius in some cases directly used new customer deposits to fund customer withdrawal requests.
Pillay, Celsius’ customer on June 12 withdrawals that he had stopped and hadn’t done that new customer deposits He stated that inevitably Celsius will become his sole source of liquidity to finance withdrawals. Pillay also added that this situation is almost a reflection of the company’s recent financial structure. back to the ponzi scheme He stressed that the evidence is of the nature.
The ponzi scheme investigation of Celsius was first launched in November and orders were given to investigate the case in detail.