If it looks like a duck, swims like a duck, and quacks like a duck… it's probably a duck.
, with its court filings showing a $1.2 billion black hole in its finances. Celsius was a crypto trading and loan company that at one point boasted over $5 billion in 'assets'. It was only founded in 2017 but rapidly attracted crypto traders and speculators: you could deposit crypto with Celsius with the promise of high-yield returns, or take out a cash loan secured against your crypto holdings.
I'll take you into the weeds in a moment but, of all the legalese and claims to come, here is the single most important line In this context Celsius and its representatives are accused of, among other things,"representations as to the company’s ability to meet its obligations and to safeguard customer assets, when in fact Celsius lacked sufficient assets to repay its obligations at the time such statements were made."
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