Judge appoints an examiner to find out if CelsiusNetwork operated as a “Ponzi Scheme”
, the court appointed an examiner to dive into Celsius Network LLC’s business operating model. The latest inquiry comes as a bankruptcy judge is looking to find out if the bankrupt firm functioned as a “Ponzi Scheme.”A creditors' committee’s lawyer, Greg Pesce, added that although there are some reasons behind the investigation, they are still not sure “if Celsius Network was a Ponzi Scheme.
The judge, however, added that Celsius Network might face prolonged and costly investigations if Pillay “isn’t allowed to broaden her probe.”, Celsius Network founder Alex Mashinsky had $44 million locked in the platform after he withdrew $10 million for paying taxes. The withdrawal came before the bankrupt firm froze its customers’ accounts in July.
On the other hand, another report shows that the company’s CTO Nuke Goldstein and co-founder Daniel Leon withdrew a whopping $30 million from the platform, according to a U.Today
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