Good summary of the Celsius blowup &amp; the overall down-turn in buyer sentiment in the general crypto market. @GetSelect #Crypto @JackNiewold

Jack Niewold 🫡

GetSelect

Crypto

Sam Mendoza

Alex Mashinsky, the founder of collapsed crypto lender Celsius, pleaded guilty to fraud. Celsius owed its users nearly $5B when it filed for bankruptcy in 2022.

https://www.bloomberg.com/news/articles/2024-12-03/ex-celsius-ceo-alex-mashinsky-to-plead-guilty-in-us-fraud-case?utm_source=snacks&utm_medium=email&utm_campaign=snacks_20241205&utm_content=c36555a0a147e838b8606fcc0e41de35

Alex Mashinsky, the founder of collapsed crypto lender Celsius, pleaded guilty to fraud. Celsius owed its users nearly $5B when it filed for bankruptcy in 2022.  https://www.bloomberg.com/news/articles/2024-12-03/ex-celsius-ceo-alex-mashinsky-to-plead-guilty-in-us-fraud-case?utm_source=snacks&utm_medium=email&utm_campaign=snacks_20241205&utm_content=c36555a0a147e838b8606fcc0e41de35

Cyril

U.S. Bankruptcy Judge Martin Glenn permitted Celsius to gather creditors' votes on the new proposal to revive the firm as a user-owned company led by investment firm Arrington Capital. Arrington-led consortium Fahrenheit LLC took over the crypto lender's assets through a bankruptcy auction earlier this year. The firm intends to distribute $2B worth of Bitcoin and Ether and repay customers in part with equity in the new company. 
https://www.bloomberg.com/news/articles/2023-08-14/celsius-to-poll-customers-on-launching-new-user-owned-company

U.S. Bankruptcy Judge Martin Glenn permitted Celsius to gather creditors' votes on the new proposal to revive the firm as a user-owned company led by investment firm Arrington Capital. Arrington-led consortium Fahrenheit LLC took over the crypto lender's assets through a bankruptcy auction earlier this year. The firm intends to distribute $2B worth of Bitcoin and Ether and repay customers in part with equity in the new company.  https://www.bloomberg.com/news/articles/2023-08-14/celsius-to-poll-customers-on-launching-new-user-owned-company

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Jerome Cody

Ex-Celsius CEO Alex Mashinsky Arrested, Sued by SEC and CFTC

https://www.theinformation.com/briefings/ex-celsius-ceo-alex-mashinsky-arrested-sued-by-sec-and-cftc?utm_campaign=%5BTI-AM%5D+The+Informat&utm_content=131&utm_medium=email&utm_source=cio&utm_term=32&rc=gzsl71

Ex-Celsius CEO Alex Mashinsky Arrested, Sued by SEC and CFTC  https://www.theinformation.com/briefings/ex-celsius-ceo-alex-mashinsky-arrested-sued-by-sec-and-cftc?utm_campaign=%5BTI-AM%5D+The+Informat&utm_content=131&utm_medium=email&utm_source=cio&utm_term=32&rc=gzsl71

Federal authorities arrested Alex Mashinsky, the former CEO of the bankrupt crypto lending company Celsius on Thursday, charging him with three counts of fraud and an additional count of conspiracy to

Briefing: Ex-Celsius CEO Alex Mashinsky Arrested, Sued by SEC and CFTC

Nate

Celsius, a now-bankrupt crypto lending company, used customer funds to improve its own financial profile and also pump its Celsius token https://www.theinformation.com/briefings/celsius-used-customer-money-to-buy-crypto-bankruptcy-filing-shows?utm_source=sg&utm_medium=email&utm_campaign=article_email&utm_content=article-9701

Crypto lender Celsius misused customer funds to help shore up its balance sheet, according to a report from a court-appointed examiner in its bankruptcy proceedings. 

 The company also used customer 

Briefing: Celsius Used Customer Money to Buy Crypto, Bankruptcy Filing Shows

Customers of bankrupt crypto lender Celsius got more bad news: a judge ruled that the $4.2B in crypto they'd deposited into 600K interest-bearing accounts belongs to Celsius. Now those customers will be last in line to get repaid. The biz's terms of service, updated eight times, sealed the deal (lesson: read the TOS). The ruling could set the tone for customer compensation in other crypto-related bankruptcies (think: FTX, BlockFi). Meanwhile, the New York attorney general accused Celsius' founder of fraud.

https://www.wsj.com/articles/celsius-network-wins-ownership-rights-to-customer-crypto-deposits-11672865422?mod=business_minor_pos5

Customers of bankrupt crypto lender Celsius got more bad news: a judge ruled that the $4.2B in crypto they'd deposited into 600K interest-bearing accounts belongs to Celsius. Now those customers will be last in line to get repaid. The biz's terms of service, updated eight times, sealed the deal (lesson: read the TOS). The ruling could set the tone for customer compensation in other crypto-related bankruptcies (think: FTX, BlockFi). Meanwhile, the New York attorney general accused Celsius' founder of fraud.  https://www.wsj.com/articles/celsius-network-wins-ownership-rights-to-customer-crypto-deposits-11672865422?mod=business_minor_pos5

A bankruptcy judge ruled that digital coins deposited in Celsius Network LLC’s interest-bearing accounts belong to the firm, ruling against thousands of customers and deciding a key legal issue in cry

Sam Mendoza

A group of likeminded people in Crypto are talking about this.