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Celsius Network Faces Crypto Ponzi Scheme Investigation

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1

According to a Wall Street Journal report, the court-appointed an examiner to examine Celsius Network LLC's business model. 

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2

A bankruptcy judge is now investigating whether the bankrupt firm was a Ponzi Scheme.

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3

WSJ reported that Celsius Network has not responded to the court-appointed investigation. 

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4

Greg Pesce (a lawyer for creditors) stated that while there were some causes to the research, they still aren't sure "if Celsius Network is a Ponzi Scheme."

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5

I want to make it clear that we are investigating whether it is. That is something we need to know the answer to. 

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6

According to the report, the lawyers of the bankrupt firm stated that Shoba Pillay's investigation might be costly and time-consuming.

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7

However, the judge stated that Celsius Network could face costly and prolonged investigations if Pillay is not allowed to expand her probe.

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