U.S examiner discovers Celsius ran a different business model from that advertised

U.S. prosecutor Shoba Pillay has discovered that crypto firm Celsius Network ran a business model that was different from what it had advertised and sold to its customers.

Pillay added that Celsius had a billion-dollar asset deficit amounting from its stablecoin deficit between May 28, 2021, and its bankruptcy filing.

Celsius filed for Chapter 11 protection from creditors last July in Manhattan after freezing customer withdrawals from its platform.

Pillay was brought in as an independent examiner in September to investigate accusations by Celsius customers that the company operated as a Ponzi scheme.

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