#Celsius & @CelsiusUcc going after claims & causes of action against insiders due to "fraud, recklessness, gross mismanagement, and self-interested conduct." cases.stretto.com/public/x191/11… twitter.com/i/web/status/1…
Looks like they're settings the stage for the litigation trust. If you want to get in trouble with your significant other read this on Valentines Day inserts of being romantic. ❤️
One of the valuable assets for creditors is the personal wealth of the insiders. Here is how they unjustly enriched themselves using our funds & what they want to come after.
Exhibit A at the end of the doc goes through all the preferential withdrawals they've identified for each insider
This is what “better than a bank” risk modelling looks like 👍
2021 was like 2017 - you made money no matter what you invested in. Every professional crypto fund manager made abnormal returns. #Celsius lost $1.2bn. That’s an incredible achievement.
$CEL Rewards for an unprofitable year. Sounds like the bankers bonuses using government bailout money after the global financial crisis. “Banks are not your friends.”
Buy high. Sell low. The Mashinsky Method. Coming to a book store near you soon.
Abort ship. The signs of great leadership.
ICO sold to 1.343 unaccredited investors even though they relied upon the accredited investor exemption. I did not know that one.

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More from @SimonDixonTwitt

Feb 13
1/4) If we don't see a #Celsius plan on 2/15, we're probably all getting liquidated $USD back at this point. Regulators are running low on patience. Time to show the plan Celsius. No more messing around cases.stretto.com/public/x191/11…
2/4) Multiple state entities (Alabama, Arkasas, DC, Hawaii, Maine, New York, North Carolina, North Dakota, Oklahoma, California) agree that the estate has been bleeding funds and Celsius has not proven that they are ready to present a plan.
3/4) They note the "devastating report of the Examiner" and they are interested in the Trustee motion if the facts surrounding the Special Committee members appointment and degree of actual independence present a conflict in discovery.
Read 5 tweets
Jan 4
It’s official. #Celsius was an illegal bank. Judge Glenn has ruled that Earn is property of the estate cases.stretto.com/public/x191/11…
"For the reasons detailed below, the Court finds, on the evidence before it, that the Terms of Use formed a valid, enforceable contract between the Debtors and Account Holders, and that the Terms unambiguously transfer title and ownership of Earn Assets deposited into Earn…
Accounts from Accounts Holders to the Debtors. The Court also finds that stablecoins, like other Earn Assets, are property of the Estates and the Debtors may sell the stablecoins outside of the ordinary course of business to provide liquidity for these Chapter 11 proceedings."
Read 6 tweets
Jan 4
#1. Resuming servicing of institutional loans cases.stretto.com/public/x191/11…
#2. Returning about $1.3 mm coins that were apparently accidentally transferred to Celsius after the bankruptcy filing cases.stretto.com/public/x191/11…
Read 4 tweets
Jan 4
#Celsius service was referred to as “securities” lending rather than “secured” lending. Secured lending means you hold the coins in custody to sell if loan goes wrong. Securities lending means you use the collateral to invest & can back loan by a security known as Rehypothecation
“We search for yield” means coins are used to make a range of investments meaning they are selling a security which diversifies. That’s a fund that is subject to securities laws - registration, suitability & disclosure requirements are required. That’s not collateralized lending.
“Were like a bank, but not a bank” - They are like a bank as they rehypothecate, own coins & sell securities. They are not like a bank as they don’t have the licenses, oversight or protections of a bank or broker. That’s worse than a bank, not better than a bank. IMO that’s fraud
Read 5 tweets
Jan 4
1/4) Reading between the lines @cameron letter concerns me deeply by drawing an analogy between @DCGco & #FTX.

Entertain me for a couple of tweets…

“Related party undisclosed loan”

Sounds like Alameda <> FTX loans
2/4) “Used to do a share buy back”

Sounds like the #FTX share buy back of @cz_binance shares.

“Do some crazy venture investment”

Sounds like #FTX venture investing

“Pump the #GBTC AUM & value”

Sounds like pumping $FTT
3/4) “You didn’t borrow? You did a promissory note?”

That’s the mechanism Alameda used to lend money to @FTX_Official executives & @SBF_FTX

I had to call out #Celsius

CZ had to call our #FTX

Cameron & others I respect are now calling out #DCG
Read 4 tweets
Dec 13, 2022
The Full Testimony #SBF Planned To Give To Congress Today! @SBF_FTX Testimony page 1 #FTX U.S. House of Representatives Committee on Financial Services…
#SBF Testimony page 2 #FTX U.S. House of Representatives Committee on Financial Services…
#SBF Testimony page 3 #FTX U.S. House of Representatives Committee on Financial Services…
Read 19 tweets

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