19 min listen
A Look Behind The Celsius Curtain
FromBloomberg Crypto
ratings:
Length:
19 minutes
Released:
Feb 28, 2023
Format:
Podcast episode
Description
The story of crypto lender Celsius Network’s bankruptcy officially began last summer, when it filed for Chapter 11 and cited a severe liquidity crisis. At the time, FTX and its CEO were still heralded as promising figures in the industry, even as companies and users were struggling to get by in the midst of a grueling crypto winter.
But now, we're getting a glimpse of just how bad things were at Celsius, almost from its inception. The recent release of a final independent examiner's report contains a searing account of how the lender may have concealed ineffective risk management and misled customers.
In the report, Celsius appears to have failed to properly track assets and liabilities. They also failed to disclose crucial financial information about its native token, CEL, and falsely portrayed the financial state of the company as robust and healthy. It’s a whopping 689-page read. So - what else did it say about Celsius?
Bloomberg's Olga Kharif joins this episode to discuss.Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.
But now, we're getting a glimpse of just how bad things were at Celsius, almost from its inception. The recent release of a final independent examiner's report contains a searing account of how the lender may have concealed ineffective risk management and misled customers.
In the report, Celsius appears to have failed to properly track assets and liabilities. They also failed to disclose crucial financial information about its native token, CEL, and falsely portrayed the financial state of the company as robust and healthy. It’s a whopping 689-page read. So - what else did it say about Celsius?
Bloomberg's Olga Kharif joins this episode to discuss.Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.
Released:
Feb 28, 2023
Format:
Podcast episode
Titles in the series (100)
Celebrities and NFTs by Bloomberg Crypto