Did Celsius networks defraud investors?

Link Copied! The New York attorney general filed a civil lawsuit Thursday against the co-founder of now-bankrupt cryptocurrency lender Celsius Networks for allegedly defrauding hundreds of thousands of investors who deposited billions of dollars into the platform.

What's wrong with Celsius crypto?

Today, the Celsius crypto, CEL, is suffering a one-two punch of bad news — a damning report and a lawsuit. The report, released by Arkham Intelligence, is loosely related to last month’swithdrawal freeze. See, the company halted withdrawals from its platform as its liquidity was being bled dry. The move halted 500,000 users’ assets.

Is Celsius (cel-USD) a Ponzi scheme?

The Celsius ( CEL-USD) network is landing itself in the courtroom, thanks to a lawsuit by KeyFi. The decentralized finance (DeFi) aggregator platform accuses Celsius of backing out of an agreement, and it even labels Celsius as aPonzi scheme.

What are Keyfi's complaints about Celsius?

However, KeyFi’s complaints make some broader, more detrimental allegations regarding the Celsius network. It accuses the company ofmisrepresenting the risk associated with using its platform. Moreover, it accuses Celsius of fraudulently misrepresenting its own business practices; this is especially evident alongside the Arkham report.