REVEALED: The Wild Details of the Celsius Final Examiner Report!
Celsius did what?!
In this video, we're diving into the findings of the auditor from the Celsius bankruptcy proceeding. If you have money frozen on Celsius or are interested in the saga that is Celsius' devastating bankruptcy, this video is for you.
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According to the report, “Celsius’ problems did not start in 2022," "Rather, serious problems dated back to at least 2020, after Celsius started using customer assets to fund operational expenses and rewards."
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The report claims Celsius was never profitable. By May of 2021, when Celsius first began keeping account of its assets and liabilities on a coin-by-coin basis, it was already $600 million in the negative.
According to the report, during a period of high crypto prices, Celsius used customer’s BTC and ETH as collateral to borrow stablecoins in order to support its operations, investments, and customer rewards.
The report states that, while Jason Perman was vice president of treasury at Celsius, selling client assets to offset debt on its balance sheet was considered a "cardinal sin" and strictly prohibited. However, staff members could make up for shortages with loans secured by client property.
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Nothing on Curiously Crypto is financial advice.
Curiously Crypto is for general information purposes and is not intended to be and should not be taken as legal advice or financial advice.
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