Former manager sues Celsius for fraud, saying the crypto lender ran a Ponzi scheme
More info on the Celsius saga...
...it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk, causing it to freeze customer assets.
So let's add fraud to the long list of problems taking place in the crypto world.
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These guys misled people all the way through the bull market. People lost their life savings investing in what was supposed to essentially be a secure bank for digital currency. Turns out it was a fraudulent ponzi scheme. Anyone who was considering bailing Celsius out of this mess is surely thinking twice about it now. I feel really bad for those folks who lost so much in this. Crypto is always a gamble...but this was just sinister.
Crazy. But there will always be bad apples. It's not like businesses outside of the crypto space are a bunch of boy scouts.
Where are the good crypto apples?
The good apples are actually made of glass and full of razor blades lol
What a shitshow. Celsius is singlehandedly tarnishing crypto's reputation more than perhaps any other company. This will hurt crypto values for years to come. Might also enable even stricter regulations as congress seems pretty set on stricter rules.
Celcius was a centralized entity. I actually think this reinforces the need for decentralized finance and is far from being bad for space in the long term.
We need to get rid of shady companies that mislead customers.
Is crypto really decentralized anymore though? I agree that decentralization is necessary. But the crypto world seems to be a bunch of people getting gullible people to buy into it by promoting decentralization (and the possibility of making millions), while it gets more and more centralized (and unstable).
I agree. Most "crypto" is basically centralized.
But there are many protocols that value decentralization above all and have stood the test of time. The crypto ethos is still alive but is, unfortunately, being overshadowed since it is not as profitable in a bull market.
It’s not like those businesses you thought about were able to mislead millions of people with flamboyant promises.
True... but crypto does seem to be disproportionately shady IMO.
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