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…
US Regulators
OCC Chief says Crypto Could Destabilize the Financial System Like Derivatives in 2008
Michael Hsu, Chief of the US Office of the Comptroller of the Currency (OCC), isn’t very keen on cryptocurrency. He recently called the industry a threat to the financial system that could unravel into a 2008-style collapse. Hsu’s Concerns Surrounding Crypto Hsu voiced his criticisms of the digital asset space in a webcast with The Blockchain Association on Tuesday. During the call, he compares the threat of cryptocurrencies to credit-default swaps that led to the banking meltdown of 2008. Like cryptocurrency and…
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