Vermont Regulators Didn’t Use the Word, but I Will: Celsius Was a Ponzi

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 more broadly, the filing claims that “excluding the Company’s net position in CEL, liabilities would have exceeded its assets since at least Feb. 28, 2019.”