The former executives claim that Celsius had internal issues like poor risk management, disorganization, and market manipulation.
Former Celsius senior executives have revealed the crypto lending company had been struggling internally for years before going bankrupt, contrary to the firm’s claims that its problems stemmed from the recent market crash.According to the employees, Celsius was disorganized and lacked proper risk management. Internal documents reviewed by CNBCthat the crypto lender would invest in high-risk crypto projects and borrow money to hedge funds in return for higher yields.
“The biggest issue was a failure of risk management. I think Celsius had a good idea, they were providing a service that people really needed, but they weren’t managing risk very well,” Timothy Cradle, Celsius’ former director of financial crimes compliance, said in an interview with CNBC.
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