Court-appointed examiner confirms Celsius operated as a Ponzi

An independent U.S. court-appointed examiner reported that Celsius had used customers’ deposits to prop up the CEL token and enrich two of the company’s founders.

The report by former prosecutor Shoba Pillay looked into allegations the bankrupt crypto lending platform operated like a Ponzi scheme. She uncovered evidence of dodgy dealings, including CEL “buying sprees” to drive the token price higher, with insiders “benefiting the most” through timely cash outs.