Celsius, just one more Ponzi?  Accusations with serious consequences

Celsius, just one more Ponzi? Accusations with serious consequences

Lights and shadows for Celsius – The situation of Celsius Network (CEL) seemed to have improved with the recent repayment of his loan in DAI. Indeed, this allowed him not only to save from liquidation almost 22,000 bitcoinsbut even retrieve. However, new accusations and an complaint once again cloud the future of Celsius.

Celsius accused by ex-employee of being no better than a Ponzi scheme

Since Celsius Network announced the blocking withdrawals of crypto-assets of its customers on June 13, the (at least immediate) future of the cryptosphere seems tied to its fate. Since early July, the news seemed pretty goodwith loan repayments.

But, hell. This July 7, a complaint was filed against Celsius Network. The society KeyFi Incfounded by Jason Stoneaccuses the service of lending of fraud. Moreover, Celsius owes him several millions of dollars for his service.

Indeed, Jason Stone is also a former contractor of Celsius, in 2021. He is now obviously furious. Moreover, there is no dead hand with his ex-employer. Indeed, he frankly uses the term Ponzi (pyramid diagram) to qualify Celsius.

“Before the arrival of the Complainant [au sein de Celsius], the Defendants had no unified, organized or comprehensive investment strategy other than lending the consumer deposits they received. Instead, they were desperate for a potential investment that could earn them more than they owed their depositors. Otherwise, they would have to use the new deposits to be able to pay the interest due on the previous deposits, a classic “Ponzi scheme”. »

Excerpt from KeyFi complaint against Celius, page 4 – Source: iapps.courts.state.ny.us

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A $200 million hole already in 2021?

In the complaint, Jason Stone claims that when he quit working for Celsius in April 2021, the company already had a hole in its cash flow. “from 100 to 200 million dollars”. Jason Stone also identified himself on Twitter at the same time: he was hiding behind the anonymous account @0x_b1.

“You can find a copy of the complaint filed here. I hope this sheds light on not only the history of the 0xb1 address, but also how Celsius Network has performed over the past few years in general. »

Twitter account @0x_b1

Celsius therefore still seems far from being out of the rut in which the lending seems to have gone well all alone, according to Jason Stone. Even though the disaster of Terra (LUNA) and its stablecoin UST of course did not help, this event was perhaps only the (big) straw that made overflow the vase. Will Celsius customers ever see their cryptos again, or are we off to an interminable Mt Gox 2.0 ?

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