Celsius Network was a ‘Ponzi plan,’ company’s former expense manager alleges in lawsuit

Beleaguered crypto loan company Celsius Network operated as a classic “Ponzi plan,” the former head of the company’s essential financial investment technique alleged in a lawsuit, proclaiming the business made use of customer deposits to protect large liabilities brought on by reckless mismanagement.

Jason Stone, whose company KeyFi partnered with Celsius to run its decentralized finance expense enterprise in 2020 and 2021, mentioned in the suit that the crypto loan provider failed to consider actions to hedge towards volatility, leaving it massively exposed to the the latest crypto marketplace collapse.

The match stated Celsius never taken care of adequate liquidity

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