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Although Celsius never registered with Canada’s provincial securities regulators, Canadian authorities are working with the U.S. Securities and Exchange Commission to investigate the trans-border issue, the Financial Post reported Tuesday. Regulators have launched across jurisdictions in the U.S. and Canada to look into the insolvent lender’s post-crash actions. Source
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“Since the circulating supply is very small, it is technically possible to create a short squeeze, although the impact in the overall market could be very limited and hard to sustain over a longer period of time,” Samir Kerbage, crypto asset manager Hashdex’s chief product and technology officer, told CryptoX. Source
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The custody wallet holders were the first to form an ad hoc group in the case. These creditors are worried that Kirkland & Ellis, the law firm hired on Celsius’ behalf, may be telling them what they want to hear without doing much to support them, according to Thomas Braziel,
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If the Celsius case finds its way to any sort of criminal action, it feels more likely to be related to unexplained individual acts, such as CEO Alex Mashinsky’s transfers of CEL tokens and other assets to his wife, than to the system’s overall design and misleading marketing. In part,
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According to Mashinsky’s website, he has founded eight startups (Arbinet, Comgates, Elematics, Transitwireless, Governing Dynamics, GroundLink, Inseego and Celsius – and was generally also the chairman, CEO or managing partner), holds 50 patents, raised more than $1.5 billion with over $3 billion in exits, “and now leads the Celsius team
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That said, Mt. Gox is only really an indication of how things have progressed within the slow-moving jurisdiction of Japan, and doesn’t provide a clear indication of what will happen under the U.S. bankruptcy code, noted Thomas Braziel, the founder of 507 Capital, a firm that has purchased Mt. Gox
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Rod Bolger resigned from Celsius in June, two weeks before the company filed for Chapter 11 protection. Original Source
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Summary: Coinbase has stated that it has no financial exposure to Three Arrows Capital, Celsius Network, Voyager Digital, or any crypto company that has collapsed in the last few months. Coinbase points out that these crypto firms’ issues were ‘foreseeable’ as they were overleveraged. The crypto exchange has pointed out that it ‘stress
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Crypto exchange Coinbase has confirmed that the company “had no financing exposure” to bankrupt firms, including Celsius Network, Voyager Digital, and Three Arrows Capital (3AC). “The issues here were foreseeable and actually credit-specific, not crypto-specific in nature,” Coinbase stressed. Coinbase: ‘We Have Not Engaged in These Types of Risky Lending Practices’ The
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“Ever since the black swan events surrounding the crypto space, Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets,” according to the statement. Source
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