Was Celsius Network a scam?

The founder and former CEO of the failed cryptocurrency lending platform Celsius Network has been arrested on federal fraud charges alleging that he schemed to defraud customers by misleading them about key aspects of the business

Is Celsius a Ponzi scheme?

Celsius, which was one of the largest crypto lenders, ran into trouble last year and filed for Chapter 11 bankruptcy. In 2021, the company’s chief financial officer, Yaron Shalem, was arrested in Israel, while some accused Celsius of operating as a Ponzi scheme.

Are Celsius & Mashinsky a fraud company?

All three agencies accuse Celsius and Mashinsky of fraud. A proposed settlement between Celsius and the FTC accuses Celsius of participating in “deceptive and unfair acts” and fines the company $4.7 billion.

What happened to Celsius?

As Celsius lost some $440 million in risky investments, Mashinsky concealed the platform's rapidly deteriorating financial condition, according to the lawsuit, which seeks to ban him from doing business in New York and requires him to pay damages, restitution and disgorgement. MORE: Was 2022 the year cryptocurrency died? Experts weigh in