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State regulators from Texas and Vermont have filed a motion objecting to embattled crypto lender Celsius’ plans to sell off its stablecoin holdings. Separate motions from both regulators filed on Sept. 29 argue that there’s a risk the firm could use the capital to resume operating in violation of state laws.
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The Vermont filing also explores the role of the CEL token in Celsius’ finances. “If Celsius’ net position in CEL is excluded, its liabilities exceed its assets in all of the Freeze Reports and Preliminary Balance Sheets provided to state regulators,” the filing claims, referencing reports beginning May 2021. Even
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"During the course of the multistate investigation, it has become clear that Celsius, through its CEO Alex Mashinsky and otherwise, made false and misleading claims to investors about, inter alia, the company’s financial health and its compliance with securities laws, both of which likely induced retail investors to invest in
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Last week, CoinDesk reported that Celsius fully paid off and closed its loan on Maker, one of the largest DeFi lending protocols, and freed up $440 million of collateral pledged against the loan, denominated in wrapped bitcoin (WBTC) tokens. Additionally, on Tuesday, the crypto lender reduced its debt by $95
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