Or is that only cryptocurrency lenders that get things so wrong? From Web3 is Going Just Great we get the following. SEC, CFTC, and FTC sue Celsius; CEO Alex Mashinsky arrested
A multi-agency hammer came down on the bankrupt cryptocurrency lender and alleged Ponzi scheme that was Celsius. The co-founder and former CEO of the company, Alex Mashinsky, was arrested and charged with seven counts including securities and commodities fraud, wire fraud, and conspiracy to manipulate the price of Celsius' CEL token.
From Forbes in October of last year, here's a description of Celsius.
Celsius was intended to operate somewhat like a traditional bank, albeit for crypto rather than fiat currency. It was once considered among the most successful parts of the decentralized finance (DeFi) movement.
A mere two months ago, Celsius claimed that it had 1.7 million users and assets under management (AUM) of $11.7 billion. The company said that it has made more than $8 billion in loans, and until recently had offered extremely high annual percentage yields (APYs) with up to 17% on cryptocurrency deposits.
Are people still saying that crypto is the wave of the future, or was that a before-the-pandemic-era thing?
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