Founder of crypto lender Celsius Network arrested, charged with fraud

Re:Founder of crypto lender Celsius Network arrested, charge... by realusername on Friday July 14, 2023 @01:25AM (#36719812)

I'm also surprised Tether hasn't imploded yet, it's opacity must have saved it in the short term

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Re:Founder of crypto lender Celsius Network arrested, charge... by tim333 on Friday July 14, 2023 @03:24AM (#36720537)

There's nothing that inherently unsustainable in Tether's basic model. Take in US$, issue tokens matching them and keep the interest on the US$.

Their main problem is money laundering regs which is why they have to be opaque and offshore.

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Re:Founder of crypto lender Celsius Network arrested, charge... by TheAlchemist on Friday July 14, 2023 @06:56AM (#36722140)

Plot twist: They don't take in US$ ! At least not legal US$, and not anywhere near the amount they claim they have.

It has been proven beyond reasonable doubt already multiple times that they are lying about the supposed composition of their 'assets'.

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Re:Founder of crypto lender Celsius Network arrested, charge... by realusername on Saturday July 15, 2023 @03:14PM (#36740009)

> Take in US$, issue tokens matching them and keep the interest on the US$.

Well, they are not doing your first step, instead they are printing new ones as they want.

There's not a single audit either.

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