Celsius is one of the more prominent casualties of last year's crypto crash. Its token's value plunged from $7 in 2021 to just $3 last spring. That was particularly damaging to a company that offered loans with little collateral and promised yields as high as 18.6 percent — it didn't have the resources needed to endure the crisis.
The lawsuit isn't likely to be the end of the fallout. Several states are investigating Celsius' practices, and the Securities and Exchange Commission has been in touch. Celsius isn't alone in dealing with legal repercussions. Just this week, the crypto exchange Coinbase reached awith New York over alleged financial rule violations. However, it's notable that the state is going after Mashinsky directly, not just the business he once ran.
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Uh oh Celsius going to get the oof
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Source: Reuters - 🏆 2. / 97 Read more »