Brief Look at Celsius
Celsius was founded by Alex Mashinsky, Nuke Goldstein, and S. Daniel Leon as a centralized platform for crypto lending. It offered clients two main services: crypto deposits and loans.
Celsius launched its token, CEL, within a year of its 2017 launch. The company attracted over $860 million in investments. In December 2021, Celsius managed $24 billion in assets, but by May 2022, this dropped to $12 billion.
On June 13, 2022, Celsius froze withdrawals without warning. A month later, it filed for Chapter 11 bankruptcy in a New York court. Celsius promised to return funds and resume operations, but skepticism remained high.
In July, a former Celsius executive, Roni Cohen-Pavon, pleaded guilty to fraud and price manipulation charges. Prosecutors accused Alex Mashinsky, Celsius' former CEO, of seven charges related to manipulating the CEL token, allegedly earning him $43 million.
Due to these events, Celsius has been blacklisted as a scam broker.
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