Jason Stone, who managed investments for Celsius from August 2020 to March 2021, alleged in a New York state court filing that Celsius “grossly mismanaged its customers’ funds, failed to perform basic internal auditing to account for its obligations, and manipulated crypto-assets to the benefit of itself and its principals.” (The Logic)
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Jason Stone, who managed investments for Celsius from August 2020 to March 2021, alleged in a New York state court filing that Celsius “grossly mismanaged its customers’ funds, failed to perform basic internal auditing to account for its obligations, and manipulated crypto-assets to the benefit of itself and its principals.” (The Logic)
Talking point: The events described in the filing precede the Caisse de dépôt et placement du Québec’s $150-million investment in Celsius’ October 2021 funding round alongside private-equity firm WestCap. Celsius used customer deposits to artificially inflate the value of its token, Stone claims, adding that executives repeatedly said price fluctuations wouldn’t impact its ability to repay depositors. A representative for CDPQ declined to comment, and Celsius didn’t immediately respond to a request for comment.
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