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(Gizmodo)   Celsius in hot water   (gizmodo.com) divider line
16
    More: Obvious, Sales, Ton, Hedge fund, Business, Trade, Law, Economics, Fraud  
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1146 clicks; posted to Business » on 31 Jan 2023 at 3:10 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



16 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
Farking Clown Shoes [TotalFark]
2023-01-31 2:01:50 PM  
Celsius Was Allegedly Propping Up Its Own Crypto Token With Customer Funds

Also see: every other crypto "exchange".
 
hammettman
2023-01-31 3:26:14 PM  
A scam?

Feel free to imagine my shocked face, I can't seem to find it anymore.
 
Rapmaster2000 [TotalFark]
2023-01-31 3:37:10 PM  
Before it eventually imploded, the crypto lender Celsius Network promised users it would not be any regular bank-no, it would be bigger than a bank-and users could "unbank" themselves by funneling some of their funds to Celsius. Users would gain interest while Celsius would gingerly handle your crypto for you, investing it to generate income. Of course, it didn't work out that way for the thousands of people whose crypto was locked up by the company when it declared bankruptcy. Now a new report from an independent investigator looking into the exchange said that Celsius was using customer and investor funds to prop up its own base and pay for other users' withdrawals, much akin to a Ponzi scheme.

image.cnbcfm.comView Full Size
 
EqualOpportunityEnslaver
2023-01-31 3:40:07 PM  
Hold up - you're telling me that a crypto exchange was a SCAM?!? Fetch my feinting couch
 
austerity101
2023-01-31 3:40:10 PM  
Fark user imageView Full Size
 
fragMasterFlash [TotalFark] [OhFark]
2023-01-31 3:41:53 PM  
Too bad rich guys don't go to jail for financial crimes anymore.
 
Rapmaster2000 [TotalFark]
2023-01-31 3:56:37 PM  

fragMasterFlash: Too bad rich guys don't go to jail for financial crimes anymore.


Machinsky is completely going to jail.  He's a common fraudster.  They're just building a case.
 
Glockenspiel Hero [OhFark]
2023-01-31 4:04:03 PM  
"Though even with these ongoing investigations, it's still unclear if Celsius customers will ever see their lost funds again."

Narrator: They never saw their lost funds again
 
Jiggatron69
2023-01-31 4:10:53 PM  
Fark user imageView Full Size
 
HempHead
2023-01-31 4:16:23 PM  

fragMasterFlash: Too bad rich guys don't go to jail for financial crimes anymore.


What timeline did that ever occur in?
 
Bondith
2023-01-31 4:23:32 PM  

HempHead: fragMasterFlash: Too bad rich guys don't go to jail for financial crimes anymore.

What timeline did that ever occur in?


Fark user imageView Full Size


This parallel universe.
 
Short Victoria's War
2023-01-31 4:25:06 PM  
Hey, I've got shocked-face NFT's, gasp NTF's, and fainting couch NFT's available if anyone needs some.
 
anotherluser
2023-01-31 4:29:34 PM  

fragMasterFlash: Too bad rich guys don't go to jail for financial crimes anymore.


SBF will eventually be doing at least a couple of years at Club Fed. Balwani and Holmes got convicted and handed sentences of over a decade, although they didn't get clapped in irons right away like a blue collar defendant might have. So it does happen. Just probably not as often as it should.
 
fragMasterFlash [TotalFark] [OhFark]
2023-01-31 4:41:30 PM  

HempHead: fragMasterFlash: Too bad rich guys don't go to jail for financial crimes anymore.

What timeline did that ever occur in?


This one...

Fark user imageView Full Size
 
akallen404
2023-01-31 8:54:51 PM  

hammettman: A scam?

Feel free to imagine my shocked face, I can't seem to find it anymore.


Did you invest it with a crypto exchange?
 
TappingTheVein
2023-02-01 4:47:40 AM  
It's all a misunderstanding. When they said Celsius will make people rich and "unbanked" they meant for themselves, not the customers. This guy should be in jail with the rest of the Celsius managers.
 
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