Thread by @otisa502

1/14 Celsius repeatedly represented that it was better than a bank, frequently using the hashtag “#unbankyourself,” and that Celsius customers could gain “financial freedom” by joining Celsius. Celsius explained on its website that “P2P,” which

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2/14 typically means peer-to-peer, instead signals financial freedom: "At Celsius, we believe P2P stands for Power to the People.” Likewise, in 2018, Mr. Mashinsky posted to Twitter that “P2P for

3/14 me means #Power2ThePeople,#Cryptocredit & #FinancialFreedom by the people for the people! #CelsiusNetwork.” Celsius posted to Twitter: We're providing a platform of curated services that have been abandoned by big banks — things like fair interest, zero fees & lightning

4/14 quick transactions. Our goal is to disrupt the financial industry & introduce financial freedom through crypto.

5/14 And on Celsius’s YouTube channel, the caption to a September 24, 2021 video stated, “Our mission: To put unparalleled economic freedom in the hands of the people. Join the revolution, join Celsius and unbank yourself!”

6/14 The internal Brand Guidelines encouraged Marketing personnel to include this theme in its public messages, including with language such as, [t]he financial industry has a history of hurting groups of people and thwarting their dreams of financial

7/14 independence with exclusionary or exploitative practices. But we’re not for a wealthy group of a few elites. We’re for democratized wealth for all. Celsius publicly described how it created “democratized wealth for all” through its business model

8/14 in a since-deleted blog post, stating that,[t]he Celsius business model is structured to do the exact opposite of what banks do — by giving 80% of total revenue back to our community each week in the form of earned interest.

9/14 We earn profits by lending coins to hedge funds, exchanges, and institutional traders, and by issuing asset- backed loans at an average of 9% interest.

10/14 Mr. Mashinsky publicly promoted the concepts of transparency, trust, and financial freedom in press interviews and in quotes he provided for industry publications. The Examiner reviewed more than 350 articles in which Mr. Mashinsky was quoted.

11/14 Selected quotations include the following:
We have seen time and time again that customers choose Celsius for yield and loans because they trust us, and our goal is to always act in their best interests and consistently deliver industry-leading transparency.

12/14 Celsius was built to act in the best interest of the community, and we have consistently delivered honest, transparent, and rewarding financial services.

13/14 Our relationships with our 230,000 community members are built on trust, because they count on us to act in their best interests . . .

14/14 we’re providing additional transparency into our business, which remains one of the industry's most reliable, secure and rewarding platforms for putting unparalleled economic freedom into the hands of the people.