Crypto lender Celsius was one of the biggest casualties of the bear market. After halting withdrawals for months due to “extreme market conditions,” the distressed lender officially filed for Chapter 11 bankruptcy on July 13. Now, the federal judge overseeing the bankruptcy proceedings has ordered the case examiner to determine whether the company was operating like a Ponzi scheme. Disgruntled Celsius customers have made a strong case that the company’s business operations met the legal definition of a Ponzi. After all, it didn’t take long for Celsius’ business model to crumble under volatility. This is one case we should all be monitoring very closely.
In this week’s Crypto Biz, we once again revisit the Celsius debacle. We also explore Binance’s investment in Elon Musk’s Twitter deal and MicroStrategy’s renewed commitment to Bitcoin.
Judge orders probe to investigate whether Celsius was a Ponzi
Twitter monetization and free speech drove Binance’s $500M injection — CZ
MicroStrategy CEO reiterates ‘long term’ Bitcoin play in Q3 earnings
Moneygram to enable users to buy, sell and hold cryptocurrency via mobile app
Before you go: Why did Dogecoin pump this week?
Continue Reading on Coin Telegraph
