Tag: Celsius

What criminal charges for Celsius ex-CEO mean for crypto industry

coiner

Celsius was one of the top lenders in the crypto ecosystem during the bull market in 2021. At its peak, it served 1.7 million customers and managed $25 billion in assets. All that came crashing down in June 2022 amid major flaws in the company’s working structure. The bear market in 2022, especially the Terra ecosystem implosion in May, exposed Celsius’ fragile business model, which was highly dependent on its native CEL (CEL) token and the high staking rewards it offered. The price of CEL fell dramatically in June after…

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XRP is not a security, Celsius CEO arrested on criminal charges…

coiner

Top Stories This Week Judge rules XRP is not a security in SEC’s case against Ripple Ripple Labs scored a victory in a district court in New York on July 13, with Judge Analisa Torres ruling partially in favor of the company in a case brought forth by the U.S. Securities and Exchange Commission (SEC) dating back to 2020. According to court documents, Judge Torres granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only in regard to programmatic sales on…

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US SEC files lawsuit against Celsius and Alex Mashinsky: Report

coiner

The United States’ Securities and Exchange Commission (SEC) is reportedly taking action against Celsius Network, one of the cryptocurrency lending firms that collapsed in 2022. The securities regulator filed a lawsuit against Celsius’ former CEO Alex Mashinsky on July 13, according to a report by Bloomberg. Details of the complaint weren’t immediately available, the report said. The same report suggested that Mashinsky was also arrested on Thursday morning, following a probe into the company’s collapse. The report cited anonymous sources familiar with the matter. The action comes shortly after the…

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Maple Finance announces direct lending to fill the void left by BlockFi, Celsius

coiner

Web3 lending platform Maple Finance has announced the launch of a direct lending program, according to a June 28 fact sheet from the platform’s development team. The program is intended to replace services previously provided by Celsius, BlockFi and other now-bankrupt lenders. The first lending pool will be available sometime in July, the company stated. Introducing Maple Direct, the new lending arm of Maple Finance. With the formation of Maple Direct, Web3 now has a specialist digital native lender and launches to meet the growing institutional demand for a trusted…

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