Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
As the Bloomberg article based on the allegation of Celsius suggests, a former money manager for the company deceived the company about his investing abilities and lost or even stole a large part of users' assets.
The company that filed for bankruptcy a month ago, following the freezing of users' assets, alleged that Jason Stone lied about his investing abilities and competence required for managing millions of users' funds. The company's representatives also believe that Stone stole a part of the managed funds.
Tomiwabold OlajideCelsius's attorneys were staggered with the defendant's liability to the company. The company managed by Stone–Keyfi converted Celsius assets into NFTs and stole them in order to cover its tracks with crypto mixer Tornado Cash, which has recently been banned, with all addresses tied to it blacklisted by major cryptocurrency and even DeFi projects.
In the last month, Stone sued Celsius, accusing it of fraud and limiting his pay, depriving him of millions of dollars of income. Stone's attorney stated that the company is looking for someone to blame for their own incompetence that led to the catastrophe.
Alex DovbnyaFollowing the accusations of the fund's manager, Celsius token lost over 16% of its value in the last 24 hours amid a massive 70% correction. Despite the entire situation around the company, the token managed to reclaim 260% of its value at the beginning of this month.
With the active case going on right now, the token's price performance on the market remains unpredictable, considering the number of new findings appearing in the space almost every day.
At press time, CEL is trading at $1.4 and losing around 16% of its value in the last 24 hours.
Alex Dovbnya
Vladislav Sopov
Dan Burgin