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.

37:38

Creator website

Episode guests

Kadhim Shubber

AI Chapters

Episode notes

Intro

2min

Celsius: Unveiling Cryptocurrency Deceptions

6min

Examining the Mismanagement and Discrepancies at Celsius

3min

Celsius's Financial Downfall

8min

Investigations and Independent Reports: Insights into Celsius and FTX

3min

Crypto News Recap: Highs and Lows

12min

Following the release of Celsius' examiner report, Kadhim Shubber, an investigative reporter at The Financial Times, dives into the controversial business practices of the lender, how the company inflated the CEL token, the use of customers' money, and much more.

Show highlights:

how Celsius used investors’ money to prop up the price of CEL
the reasons why Celsius inflated the CEL token
where the money to pay rewards to investors came from
blatant misstatements from Alex Mashinsky and how his team tried to cover him
how the company leveraged Bitcoin to fill the hole in its balance sheet
who was responsible for Celsius' shady business practices
Celsius' poor investment decisions
whether Mashinsky is at risk of facing criminal charges

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Guest

Kadhim:

Twitter

Links

Final report of Shoba Pillay, examiner
Financial Times: Crypto lender Celsius misused customer funds for years, examiner finds
Unchained: 7 Revelations From Celsius’ Examiner Report
CoinDesk: Celsius Used New Customer Funds to Pay for Withdrawals: Independent Examiner
The Block: Tether denies it borrowed $2B from Celsius, as described in court report
Blockchain News: Celsius' Official Creditor Committee Denies Rejected Bids
Ram Ahluwalia’s take on the Celsius bankruptcy examiner report

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