A Look Behind The Celsius Curtain
Bloomberg Crypto28 Feb 2023

A Look Behind The Celsius Curtain

The story of crypto lender Celsius Network’s bankruptcy officially began last summer, when it filed for Chapter 11 and cited a severe liquidity crisis. At the time, FTX and its CEO were still heralded as promising figures in the industry, even as companies and users were struggling to get by in the midst of a grueling crypto winter.

But now, we're getting a glimpse of just how bad things were at Celsius, almost from its inception. The recent release of a final independent examiner's report contains a searing account of how the lender may have concealed ineffective risk management and misled customers.

In the report, Celsius appears to have failed to properly track assets and liabilities. They also failed to disclose crucial financial information about its native token, CEL, and falsely portrayed the financial state of the company as robust and healthy. It’s a whopping 689-page read. So - what else did it say about Celsius?

Bloomberg's Olga Kharif joins this episode to discuss.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

See omnystudio.com/listener for privacy information.

Avsnitt(224)

There’s A Bitcoin Bar In NYC. Why?

There’s A Bitcoin Bar In NYC. Why?

It’s 2023 and the crypto community is hoping to pull out of its funk this year and put the blowups, bankruptcies and price slumps of the last year in the rear-view mirror.  While some remain hopeful -...

24 Jan 202316min

When Main Street Banks Dabble in Crypto

When Main Street Banks Dabble in Crypto

Like most crypto-adjacent firms, fiat banks that diversified into crypto have struggled during the crypto winter. And this was likely the case even BEFORE crypto exchange FTX declared bankruptcy in No...

23 Jan 202314min

This Week in Crypto - FOMO Returns

This Week in Crypto - FOMO Returns

Is crypto back? That’s one question Bloomberg editors and reporters discuss in another This Week in Crypto episode.  Already, the year is packed with digital asset action. Bitcoin is up 30 percent so ...

20 Jan 202317min

Global Legal Fallout From FTX

Global Legal Fallout From FTX

You’ve probably heard financial regulators refer to crypto as the "Wild West." But, instead of shoot-outs and sheriffs -  in crypto, you can get financial experimentation, hackers and  pretty extreme ...

19 Jan 202319min

How Ryan Salame's Neighbors Got Tangled Up In FTX's Fallout

How Ryan Salame's Neighbors Got Tangled Up In FTX's Fallout

Western Massachusetts is a very different place from the Bahamas, where the FTX crypto exchange had its headquarters. But the small town of Lenox there is feeling the effects of the FTX bankruptcy non...

18 Jan 202316min

Who Owns Your Coins?

Who Owns Your Coins?

It was an unwelcome ruling for about 600,000 Celsius account holders, who are probably wishing they’d read the fine print more closely before investing. Or put more stock in the crypto mantra “not you...

17 Jan 202316min

Team Favorite: SBF's Effective Altruism

Team Favorite: SBF's Effective Altruism

Today, Martin Luther King, Jr. Day is observed in the U.S. So the crypto team wanted to present an episode connected to the idea of service.  The episode, first published last December, focuses on Sam...

16 Jan 202317min

Gemini/Genesis Battle; Your Questions Answered

Gemini/Genesis Battle; Your Questions Answered

Something we say often on the Bloomberg Crypto team is that a week in this asset class can feel like a year. And as we wrap up the second week of 2023, it’s starting to feel maybe more like a decade. ...

13 Jan 202313min

Populärt inom Politik & nyheter

svenska-fall
aftonbladet-krim
p3-krim
rss-krimstad
flashback-forever
politiken
blenda-2
rss-sanning-konsekvens
aftonbladet-daily
spar
rss-vad-fan-hande
motiv
rss-krimreportrarna
dagens-eko
svd-ledarredaktionen
rss-frandfors-horna
olyckan-inifran
spotlight
rss-flodet
grans