The Vermont Department of Financial Regulation said in a document supporting the Justice Department\u2019s request to appoint an examiner in Celsius\u2019 bankruptcy case that the company may have been paying yields using a Ponzi-like system. According to the most recent statement, based on a preliminary examination of financial records, Celsius recorded \u201cmassive losses\u201d during the first seven months of 2021 and \u201ctwo material adverse events\u201d during the months of June and July. Furthermore, although being required to disclose its financial statements by state and federal securities regulations, the corporation had withheld its losses from investors. Additionally, it was claimed in the petition that Celsius might have manipulated the price of its CEL coin. The action might have \u201cartificially\u201d increased the company\u2019s balance sheet CEL holdings.<\/p>\n\n\n\n

In a related motion, the Texas State Securities Board (SSB) alleged that Celsius had provided incomplete and tardy responses to requests for information and documentation, and that \u201cthe representations of the Debtors regarding their financial status in the bankruptcy case have been inconsistent at best.\u201dThe Texas filing agreed with the Vermont claims, citing numerous instances where it thinks Celsius deceived the public. Between May 2 and July 1, when the company stopped allowing withdrawals, Celsius boosted its holdings of CEL by more than 40 million tokens, with more than half of the growth occurring after the platform\u2019s suspension. The regulator claims that Celsius also engaged in this activity at one point in 2021. Liabilities would have overtaken assets \u201csince at least\u201d February 2019 absent the CEL position.<\/p>\n\n\n\n

Full Article: https:\/\/bitcoinist.com\/celsius-in-fresh-trouble-new-court-filings\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Vermont Department of Financial Regulation said in a document supporting the Justice Department\u2019s request to appoint an examiner in Celsius\u2019 bankruptcy case that the company may have been paying yields using a Ponzi-like system. According to the most recent statement, based on a preliminary examination of financial records, Celsius recorded \u201cmassive losses\u201d during the…<\/p>\n

Read More “Celsius Paying Yields Like a Ponzi System, New Court Filings In Vermont”<\/span> »<\/a><\/p>\n","protected":false},"author":2,"featured_media":131,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ponzi"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/digitalassets.review\/snippets\/wp-content\/uploads\/2022\/09\/triangle-g58b6f344f_640.jpg?fit=640%2C500&ssl=1","_links":{"self":[{"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/posts\/129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/comments?post=129"}],"version-history":[{"count":1,"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/posts\/129\/revisions"}],"predecessor-version":[{"id":130,"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/posts\/129\/revisions\/130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/media\/131"}],"wp:attachment":[{"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/media?parent=129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/categories?post=129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalassets.review\/snippets\/wp-json\/wp\/v2\/tags?post=129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}