An independent examiner has revealed shocking details surrounding the inner workings of Celsius – a crypto lender that filed for bankruptcy in July 2022. The examiner claimed that Celsius did not operate by the business model that it presented to customers. He likened it to a Ponzi scheme, much like FTX – a company that happened to have used the same accounting software: QuickBooks. The Truth About CEL Token Per a filing from examiner Shoba Pillay on Tuesday, Celsius had…
Centralized Exchange
What is a CEX?
A centralized cryptocurrency exchange (CEX) is a platform that allows users to buy and sell cryptocurrencies using fiat currency or other digital assets. These exchanges are called "centralized" because they are operated by a single entity that controls the platform and holds users' assets. CEXs typically offer a wider range of trading options and features compared to decentralized exchanges (DEXs), which are often more basic and focused on providing a platform for peer-to-peer trading. How a CEX works: Users create…
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