Reuters reported today Celsius is "DEEPLY INSOLVENT"
How did we get here? Celsius were YOLOing customers' deposits Celsius use leverage to gamble with customers' deposits and lost Celsius bought illiquid shid that is hard to sell now without suffering losses
Celsius is being investigated by multiple states in the US
Celsius executives used customers deposits to pump $CEL token Otter predicts Celsius executives and CEO were paid partially in $CEL tokens They could then cash out high bonuses at the expense of depositors (95% certain) Source: @0xb1 court filings, screenshot from @DefiMoon 🦇🔊
Despite the repeated guarantees, Celsius was operating without regulatory oversight In short, Celsius, @Alex Mashinsky and other Celsius directors and representatives LIED
Here's what Department of Financial Regulation had to say about HODL mode it is an effective freeze of investor account it did not prevent further declines in value (as opposed to what users were made to think)
otter called it when HODL mode was announced HODL mode was a gimmick twitter.com/otteroooo/stat…
6. Forced Hodl mode Celsius is experiencing a bank run. To slow things down, they have gone against their promises and placed people on "HODL MODE". Asking users for more documents to withdraw funds. This is a blatant move to stop withdrawals. twitter.com/wallstreetpro/…Show this thread
Here's what the Department of Financial Regulation has to say about #CelShortSqueeze Calling for participation in #CelShortSqueeze may get you in jail There's a high chance $CEL tokens go worthless Just sell it and walk away #CelsiusNetwork #celsius2022 @Celsius
if you are still receiving rewards you need to check with your tax accountant if these "rewards" is a taxable event, despite being non-collectable at the moment unfortunately, two wrongs don't make a right be sure to check (screenshod from @Simon Dixon (Beware Impersonators))
If you are a USA citizen affected by Celsius, you may file a complaint here Let's see to it that everyone involved in rekting fellow hoomans see time behind bars Open message to Celsius Directors & representatives - we are coming for you dfr.vermont.gov/consumers/file…
Lets toast the vigilantes and investigators who called Celsius for the scam that it is before it crashed These folks deserve a follow, so they can warn us of the next one @Bitcoin Quotes @Dirty Bubble Media 2: CeFi Bugaloo @Mike Alfred @MrMasternode @Dragos Stefanescu @Ray Abu Salim 🌐 @Bitcoin vs. Gold @jakirik42
Like and retweet the top tweet please You may have been lucky to escape But others were not Some are too ashamed to seek help Hurting from huge financial losses You can read the unrolled version of this thread here: typefully.com/otteroooo/xaEO… otter out
last but most important DO NOT send them more coins DO NOT send a bankrupt company more coins no matter what they say
defi threads ELI5 // crypto patriot otter investigates anything that smells fishy // not financial advice
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