Surprise! “The business model Celsius advertised and sold to its customers was not the business Celsius actually operated”.

The official examiner report just dropped for Celsius and it is…bad. The examiner confirmed many of the things people suspected about pump and dumps, running an unlicensed securities company/hedge fund, paying out more in income than it was taking in (cough ponzi cough), zero risk management, not paying taxes and more.

Other gems include:

“…as Celsius was collapsing, Celsius employees began removing crypto assets from the Celsius platform…”

“As of February 9, 2021, little progress on that project had been made prompting Mr. Mashinsky to complain, “We are 3 years old and we still don’t have any way to reconcile what we owe our customers vs. what our borrowers owe us…”

“Mr. Mashinsky said that, as he formed Celsius, he relied on his “unique skill” to “project into the figure, and imagine what the world is going to be like.”” (Ugh)

“Between June 9 and June 12, Celsius did directly use new customer deposits to fund customer withdrawal requests.” ????????????

If Alex Mashinsky doesn’t end up in jail after this I would be shocked.

Read the full report here: Examiner Report