Celsius Examiner Rips Into Crypto Lender in Final Report
- Report finds company lacked proper risk management, accounting
- Bankrupt firm propped up price of its own token, examiner says
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A court-appointed examiner blasted crypto lender Celsius Network Ltd and its former Chief Executive Officer Alex Mashinsky for lacking adequate risk management and misleading customers about its business practices and financial health.
Examiner Shoba Pillay said in her 689-page final report published Tuesday that Celsius — which let people earn yield on their coins by lending them out — lacked the ability to accurately track its assets and liabilities, and tried to erase misrepresentations made by Mashinsky in public statements.