SINGAPORE, Jan 31 (Reuters) – The business model that crypto firm Celsius Network had advertised and sold to its customers was not the business it actually operated, a court-ordered examiner report released on Tuesday showed.
The report added that Celsius’s stablecoin deficit between May 28, 2021 and its bankruptcy filing amounted to a billion-dollar hole in its assets.
Hoboken, New Jersey-based Celsius filed for Chapter 11 protection from creditors last July in Manhattan after freezing customer withdrawals from its platform. It listed a deficit of $1.19 billion on its balance sheet.
U.S. Bankruptcy Judge Martin Glenn, who is overseeing the Chapter 11 case, appointed former prosecutor Shoba Pillay as an independent examiner in September.
She was tasked with investigating accusations by Celsius customers that the company operated as a Ponzi scheme and also with reporting on its handling of cryptocurrency deposits.
Reporting by Rae Wee; Editing by Clarence Fernandez
Our Standards: The Thomson Reuters Trust Principles.
In the latest findings from 2024, researchers from CreativeBacon, ThemeHunk, and WPShopmart have selected the MotoPress Appointment Booking plugin for WordPress
Family-ran business promoting positivity after deadly triple shooting near West Philly bar A family run business in Philadelphia is pushing past the violence
When Kurt Harthoorn stopped coaching girls basketball at Lynnville-Sully, the plan wasn’t really to get back into it.But when your son comes calling, how can
TULSA, Okla. — Tucked away just north of Tulsa International Airport, you'll find a local favorite: Wanda J's Next Generation Restaurant. Customers keep comin