Unchained Why the Celsius Examiner Report Shows 'a Complete Disaster in Almost Every Way' - Ep. 451
Feb 3, 2023
Kadhim Shubber, an investigative reporter at The Financial Times specializing in cryptocurrencies, unpacks the shocking findings from Celsius' examiner report. He reveals how Celsius misused customer funds to inflate the CEL token, leading to severe financial mismanagement. Shubber discusses the dubious practices of CEO Alex Mashinsky and the troubling lack of transparency in the company’s operations. The conversation touches on potential criminal charges against Mashinsky and the broader implications for accountability in the crypto industry.
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Celsius: A Complete Disaster
- Celsius misused customer funds, operating as a "complete disaster" from the start.
- They spent vast sums, including customer deposits, to inflate their CEL token.
False Marketing Claims
- Celsius's marketing was deceptive, making false claims about its earnings and bankruptcy procedures.
- Customers are now painfully learning the reality of these misrepresentations.
Misrepresented Business Model
- Celsius's marketed business model wasn't the one it operated; it set high rewards to beat competitors, not based on profits.
- Internal controls were almost non-existent, with investments poorly managed and misrepresented.
