Celsius co-founder Daniel Leon resigns amid revelations of $56M cash-out
Leon was the chief strategy officer and resigned a week after CEO Alex Mashinsky after it was revealed they cashed out millions before freezing withdrawals in May.
Leon was the chief strategy officer and resigned a week after CEO Alex Mashinsky after it was revealed they cashed out millions before freezing withdrawals in May.
Another controversy hits Celsius Network following a media outlet's exposé claiming that chief Alex Mashinsky had withdrawn $10 million from the platform before filing for bankruptcy protection.
The order appoints Shoba Pillay to provide the court with a detailed report of Celsius' financial dealings and the condition of its mining business within a stipulated time frame.
The states, among them California, Oklahoma, and New York, ordered Nexo to halt its interest-earning product, which they claim is an unregistered security.
Intense scrutiny awaits Celsius with the U.S. court's approval to hire an examiner to look into its dealings, which comes amid optimism that the company could recover from the brink of bankruptcy.
The Vermont securities regulator has filed a motion in support of appointing an independent examiner in which it tore into Alex Mashinsky’s model at Celsius.
Attorneys for the bankrupt lender also revealed that they were in support of the trustee’s request to appoint of an independent examiner to probe the firm.
Celsius wants to only return funds to customers who hold assets in Custody and Withhold accounts, leaving out anyone who participated in the lending program.
KeyFi founder Jason Stone, who managed billions for Celsius, sued the lender over reckless risking of customer funds, but Celsius is countersuing him for theft.
Offering unregistered securities, failing to hedge against volatility, and making risky investments bear the hallmarks of incompetence, the gov’t trustee says.
Two weeks since granting Vauld protection, Singapore has extended the same to Zipmex, an exchange whose tie-up with Babel Finance and Celsius was its downfall.
Celsius has been violating securities regulations by offering its Earn Rewards accounts in the state while also making materially false statements, according to the Department of Financial Protection and Innovation.