476-page Examiner’s report on Celsius Network has just landed:
cases.stretto.com/public/x191/11
5
18
71
Conversation
Wow. Celsius used investor/customer funds to prop up the price of its own CEL token, helping employees including CEO Alex Mashinsky sell, according to the Examiner.
Mashinsky cashed out $68.7mn.
Employees said what they were doing was “very ponzi like”.
cases.stretto.com/public/x191/11
Celsius notionally had credit limits for its borrowers, but Alameda, Tether, 3AC and others all exceeded those 'limits'.
Tether's peak borrowing from Celsius was $2bn, and was considered an "existential risk" internally at Celsius.
cases.stretto.com/public/x191/11
3
24
48
The Examiner's report above describes Celsius having 'loans' to Tether, but I think the exposure comes from Celsius having posted collateral in excess of the amounts it borrowed from Tether.
4
5
21
Examiner backs up FT reporting that Alex Mashinsky directly ordered trading in January 2022, though Mashinsky denied this in an interview with the Examiner.
ft.com/content/43d4fb
1
6
18
Never use Slack
3
28
49
Replying to
"between June 9 and June 12, Celsius did directly use new
customer deposits to fund customer withdrawal requests"
2
5
27
