Chain Catcher reported that according to a bankruptcy review report ruled by the court, Celsius, a crypto lending platform that has filed for bankruptcy, has adopted a business model that is different from the customer business model in its advertisements. Celsius used customer funds for venture capital and concealed the extent to which the company made markets for its tokens.

According to the report, Celsius operated a riskier business than advertised and failed to report hundreds of millions of dollars in losses, while the company's CEO Alex Mashinsky cashed out $68 million. (Source link)