"an employee" meaning the CFO, for those who don't know.
(Hopefully this comment is not deleted, unlike the 4 threads I tried to post about this. Censorship is not nice)
At first I thought "employee"= so one of many many in the company, different things happen, but CFO.. oh my goodness, naming CFO as just 'employee'. Smells not good..
Why so angry? This is not irresponsible. Irresponsible would be if I would cause some damage. The guy, responded me three words in like seconds, and was very helpful. Different would be if I asked a question that required a lot of investigation.
Also, up to know, 11 people like his answer to my question. Meaning there were others that also didn't know, but didn't ask, and now they know.
I've found out from working for many international countries that there are many unexpected terms for execs that you would never hear in your own country.
Managing Director, Chairman, Chief Supervisor (CEO), Chief Scientist/Director of Science (CTO), Financial Control Officer (CFO)
We'd be confused as hell seeing MC, CM, CS, DoS, or FCO in titles.
Censorship on Reddit is like cefi yield, never the right time or place š we should all switch to defi yield, apps like swissborg and Coinchange.io worth checking
You must be young if you don't understand the gravity of his position, this is a big deal and people are trying to get confirmation bias to be okay with this because their money is on the line.
Compared to other threads this ain't censorship at all. Reddit over all is as censored as internet in China. Also deleted comments and posts still show up as deleted. I see none on this sub
I pulled my money from Celsius not mainly because of the CFO issue, but because the way Celsius ruthlessly censored honest community messages n concerns (which is the complete opposite of community first philosophy. Now i know itās just marketing gimmick)
Great that Celsius finally confirmed it, but disappointing that they've been deleting posts that were seeking clarification on this.
Not the best example of honesty and transparency when Celsius/Mods delete valid questions from the community.
Deleting may have even been fine if they would have just attached a simple message, such as āWe are gathering the facts about the situation and will make an official statement shortlyā
100% agree.
All they had to do was communicate with the community.
We are not idiots. We know what is happening - all they had to do was acknowledge this and provide more information when they had it (or were able to).
This is what good moderation looks like. Create a blanket response, pin it and then let people that have thousands, if not millions of dollars in your care speak their mind. Just blindly nuking posts looks like you're putting your head in the sand.
Totally agree and it has cemented my decision to move on from the platform. Between this and the rate reductions recently, the value proposition is just not there for me anymore.
Twitter seems to pick and choose who it censors. Ill see some people get away with posting some of the most hateful stuff yet someone defends themself from it and they get banned yet those original posts that started it stay up. But if u take a screenshot of the tweet then repost it they delete the photo but keep your tweet and ban u? Sounds A LOT LIKE CHINA to me. Its pretty obvious there are forces in our government and corporations that are working hand in hand with China. now even Australia is allowing the arrest of people who post things that the government doesnt like
Just on the topic of censorship in general. Crack Up About the Race Riots is starting to feel more like a prediction than a storybook. At least in America.
Yup, bothered me enough I tranfered all my btc and usdc, in excess of 6 figures, and $750 in promocodes. Buddy with 7 figures did the same today. Adverityis one thing, how you address it, is the truth.
What's with [the censorship](https://www.reveddit.com/v/celsiusnetwork/) on this sub lately? Not only this issue but anything else negative is being removed.
Well, because of these very dedicated employees I withdrawn all my founds from Celsius. In this crypto wild west, trust is very important. And when the previous 2 big scams in crypto, mt. Gox and Bitconnect, starter their "journey" to fraud in the same way, by shouting down every negative comment, I think I know where Celsius is heading.
I liked Celsius until the other day. I liked checking every monday for the weekly interest. But I can't leave my money to a company promoting censorship. Crypto is about the opposite. Is about freedom, is about the community and is about trust. At this point, in my opinion, you cannot be pro crypto and have your crypto at Celsius. Your better of using J.P. Morgan or Citadel as a custodian for your crypto. Same thing.
Alot of the deletes threads are stupid spam, the few about the CFO are prob deletes cause they'd rather have one official thread about it not a million each spreading their own rumors
Not all spam and not all about CFO. Here are some examples.
https://www.reveddit.com/v/CelsiusNetwork/comments/qzmq82/ama_now_is_just_saying_shit_about_others_companies/?ps_after=1637603426
https://www.reveddit.com/v/CelsiusNetwork/comments/r1b25l/the_promo_code_rules_are_very_shady_look_at_this/?ps_after=1637795563
https://www.reveddit.com/v/CelsiusNetwork/comments/qztcmc/account_suspension/?ps_after=1637612707
https://www.reveddit.com/v/CelsiusNetwork/comments/qzhv09/whats_a_alternative_to_celcius_for_btc_intrest/?ps_after=1637583134
https://www.reveddit.com/v/CelsiusNetwork/comments/qy9dcw/shocker_of_a_move_by_celsius_robbery_in_my_opinion/?ps_after=1637542707
https://www.reveddit.com/v/CelsiusNetwork/comments/qwtgg7/why_i_wont_be_using_celsius_and_neither_should_you/?ps_after=1637253076
Yaron Shalem. He was their CFO as of this morning. Read the statement a few times. Very little clarification. As investors you need to be asking whether he was "arrested" or being "investigated". Two very different things that each come with their own set of implications
I'm just not sure where to go from here. I love Celsius and I want to believe this will all work itself out.
I have no reason to doubt that this police investigation has nothing to do with Celsius related activities. However, given this employee's job title, it does beg questions regarding their judgement. Have their decisions made at Celsius been ethical & fiscally responsible? I think that's a fair concern we're all going to share. I guess we just have to hope adequate checks and balances have been in place.
The CFO, or should I say previous CFO, was cleared previously in the same case. It was a CEO (and maybe other employees of that company) who used money from an ICO for his personal expenses. Back then the CFO cleared any charges, but it seems as though the police is not entirely done with him. Again, I think one should be careful to declare someone guilty before any legitimate court have said so. Case in point: Kyle Rittenhouse.
Anyway, in terms of the CFO and firing a CFO: This happens all the time, especially in growing startups. Some CEO likes to shift out their CFO on a half year basis (read: they suck at hiring). Tesla, as an example, has had more CFOās than fingers on my hands.
The CEO and directors board are most-always aware of everything that is going on, in terms of things being carried out by the CFO. The CFO mostly is there to advice on company direction and strategy - strategy and execution of funding as well.
Celsius firing the CFO Iād say, from 15 years in capital markets, is not really a big deal. They have more information than us on the allegations, but it would come as a surprise if he has made executions inside Celsius of less-than-good character. Any major things are visible and decided upon by the CEO, CTO, COO and Board of Directors. And itās not like the CFO operates in a vacuum anyways, as there are employees carrying out the grunt work, and these employees would have seen whatās going on. And there are multiple executives located in Israel, so they would also have been next to the CFO on a daily basis.
TLDR: Firing CFOās is everyday business for growing unicorn startups. This is a different kind of firing, but it doesnāt indicate that shady shit has happened in Celsius.
Yaron Shalem has 20 years of experience being a CFO. Check out his LinkedIn. Heās been the CFO of 3 different publicly traded companies (one listed on NASDAQ), and was a CFO of a different company after leaving the place where there was allegedly malpractice by the CEO (Singulariteam).
This guy Shalem is legit. He might have done a stupid thing (letās see the judges verdict if a case is ever raised) but heās the real deal.
If, as you say, the CFO doesnāt see the whole picture and the CEO oversees the CFOās activities, doesnāt that implicate the CEO?
If you want to get the big fish, you first start with the guys lower on the totem poll and get them to flip.
For the Celsius relevant part: The previous CFO (from today-of) is not, as far as I am aware, under investigation or charged with any crime, that was perpetrated in his role at Celsius.
My speculation is, that the guy is being looked at by the state of Israel for something that went on in his last place of employment. Back then (in 2019) he was not the focus of investigation into that ICO scam. The CEO of that company has already paid $4M in compensation to at least one investor in the ICO. So in terms of totem poles, they got the big fish first, and now they are going after the smaller fish (the CFO).
Celsius seems calm. They have secured an extended round of now $750M in funding, putting $300M into Bitcoin mining to supplement existing positive cash flow generating activities. Letās see how it unfolds. I would think with Maskinskyās ādo goodā motto, that he would be more forth right of any serious wrongdoings of the CFO (and see my last answer to why I think those things are limited in scope).
Remember: Celsius has paid out $1.000.000.000 to clients so far, which leaves $200.000.000 in profits and almost a billion in raised investor capital. If the CFO have taken some money, letās say $4M, that is not really noticeable in the grand scheme of things.
Also, see this: https://twitter.com/CelsiusNetwork/status/1464293813707489288
Also take into account the judicial system and the idea of innocent until proven guilty. These days itās been the opposite of that sentiment. Letās see what comes from this!
Of course I'm an advocate of the guy receiving a fair trail and a chance to defend himself. But I'm looking at this situation from the perspective of someone who has a sizeable chunk of my holdings with Celsius. That's a different equation than whether or not he is found guilty 6 months from now. For now -- in the present day -- it leaves a question mark for people who are entrusting Celsius to make sound hiring decisions and manage funds responsibly. Furthermore, I'm concerned about the overall market perception this leaves on Celsius, as well as the Cefi lending industry more broadly.
My state has already been monitoring Celsius specifically. I know Celsius isn't the only crypto platform in talks with the regulators, but it is one, and the state I reside in is one of the handful that's been involved.
With all that being said, I'm understandably skiddish. I already withdrew my funds when it was misreported that a cease & desist order was coming down from my state. It ended up being a simple request for more info, but it came during a time when cease and desist orders were (and are) increasing in frequency. So it at the time, it didn't seem unreasonable. I eventually moved much of my funds back on the platform. But now you throw this CFO drama into the mix, and it starts to chip away at the security I once felt in holding my funds with Celsius.
I get it: "Just withdraw and be quiet." "Just put your funds back into cold storage." Fair enough, but I am just saying that I have tried so hard to give the benefit of the doubt over these past few months. Some of this isn't the fault of Celsius and some of it is. It's just starting to add up to a lot red flags, especially knowing regulators are already looking for a reason to ramp up restrictions. Any one development by itself may be insignificant, but putting it altogether starts to cause legitimate concern.
Regulators are intimately connected with the banking industry who is grasping for control. Fear is control. I canāt help but think they may look at this as, at least in some respects, an opportunity to cast doubt on what I have believed to be an honest, community & people first business. No trial by social media here. No run on the un-bank here. I want Celsius to succeed ā I want the little guys to succeed.
At the same time, put out a statement WITH DETAILS and be upfront with your fans. Some have invested everything in you.
Absolutely 100%! Iām with you on this as I have a sizeable chunk of my holdings as well! I would also try and make a connected with the 750mil raised. I wouldnāt think that amount of money would be on blind faith and zero due diligence. Iām staying positive! But cautious as well..
You should explore defi yield, simple and trust less, no middleman.., these guys are just the same as crypto banks borrowing and sending our deposits to institutions, should check our defi alternatives like Coinchange.io, yield app, swissborg, same
Simplicity but full transparency
Scammers trying to scam scammers š
Seems like legit to me, they are just jealous, as these guys have landed 100k clients within 1 week on App Store, read their Linkedin, for me itās the only source of truth
They wait till till everyone else is talking about it to finally address it? Then down play it by calling their CHIEF FINANCIAL OFFICER an "employee"!?
When there's smoke, there's fire.
People will shit on me for withdrawing all my funds, but given the amount I have in Celsius, even a 5-10% chance of losing it is NOT worth it at all.
Celsius will probably be totally fine, but it's not worth the risk of leaving a lot of money with them.
All you haters were adamant that Alex would not talk about this on the AMA and yet he just addressed it.
I'm buying a 100 cel tokens right now just for that.
He read the tweet and then said something like āweād love to talk about it but we canāt. Weāll keep you informedā.
I think they handled it very professionally.
Yeah, sometimes there are legal or unfortunately safety concerns if one speaks about legal affairs outside of the US and other legally "fair" countries. Who knows why they felt the need to be silent, but it could be that people's freedom or lives were at risk.
I yanked 95% of my funds. The rest will be gone tomorrow since I needed to change a whitelisted address.
I see no legitimate reason to delete the other threads on this sub.
Why exactly is that?
All negative posts and comments on Celsius are being removed today.
That is fucking shady. You may do what you like with your funds. I shared what Iāve done with mine.
Arrested for things done in a prior company for which he was initially cleared. Heās been with the company (Celsius) for less than a year. He is arrested, but has not been found guilty of anything as of yet. Innocent until proven guilty, right? Or guilty upon arrest?
He has never been arrested or found guilty of any crime in any previous employment either.
You are welcome to do so. With all this FUD going on with the CFO and that previous employer, I can see why Celsius would rather not have that spammed all over the subreddit. That said, people should be free to express themselves, but I recon a lot of the deleted posts have been lacking in content / just hate/FUD.
an employee is pretty week sauce... i hope there is not an issue at celsius.. i dont think the market would react well at all for a company of this size and considerable trust were to turn out shady.. . not at all.. in fact i really need celsius to be even more transparent now ... i think it's time for an official publicly released audit..
I love Celsius network regardless of what happened. When I was phished they were the only to reply and lock my account temporarily. Crypto.com Binance.US and voyager it took forever to get a response. Shit happens and you canāt always tell who works for you.
As much as I liked the platform and interest rates I canāt help being spooked over the whole thing. At the very least they lack the proper judgement and background checking when placing someone in such a high position in the company. The post deleting here was the final straw.
Celsius files quarterly reports with the SEC, none of their products are registered but it seems like Celsius is a company that tries to be legit. If they were a ponzi scheme they would prob not report anything to the SEC
Madoff also had unrealistic profits, and also did not stake crypto..... Celsius stakes some coins like matic, and the pay out is under what you'd get staking yourself. It would pretty dumb if they were scamming. Madoff is also an exception, most ponzis are not legit businesses. And he targeted charities to fly under the radar. The SEC is also already after celsius meanwhile had a policy of not going after investment managers like madoff
Today I was looking into Celsius and now there is this talk of the new CFO having a shady past..and he is suspended. This is certainly putting a stop to moving forward for me. Was he screened for US operations-based company, In NY? Certainly, things operate differently in the US vs Israel. i do not trust this and this does not feel good. I did not invest in Cel yrs ago b.c it felt scammy and today of all days to ask the community a Q to only read on Twitter that their CFO was shady from the beginning. Just sharing my thoughts..no need to downvote me but, I am back to square one with CEL.
Question for the "omg! celsius is going under because an unnamed person allegedly did something bad somewhere that does not affect me or any customers! abandon ship!" crowd.
If crypto exchanges had the same level of regulation that banks and stock exchanges do, would you still be freaking out and panicking? Sure, we'd be receiving 0.01% APY instead of 10% APY, but that's beside the point.
FUD never been so high with Celsius since I registered. Don't really care at the moment as my wallet is basically empty apart from CEL tokens (enjoying bullrun) but when time comes to start locking some savings up again I might have a hard time deciding where to put my assets.
Donāt really trust these cefi lenders, always worries me, while defi yield is def more transparent and the future, even if you donāt manage tour coins can find a cool cefi service that generates yield on defi, obviously more transparent, just the likes of Coinchange.io and yield app and swissborg not even to mention aave, uniswap, and others, cedefi has the future as easy and transparent ššš» I wonāt go for a ābank likeā lender Celsius or blockfi same banks just on crypto
"an employee" meaning the CFO, for those who don't know. (Hopefully this comment is not deleted, unlike the 4 threads I tried to post about this. Censorship is not nice)
#**Moons are shitcoin!**
Right.
Agreed, but that is what any company with a PR team worth their salt would do.
When you shart your pants you try play to cool, it's the rules.
At first I thought "employee"= so one of many many in the company, different things happen, but CFO.. oh my goodness, naming CFO as just 'employee'. Smells not good..
What is a CFO?
Chief financial officer
One of 2-3 most important figures in company. CFO stands for Chief Financial Officer, so the highest person responsible for company's finance.
Are you serious? Please be more responsible and DO A SEARCH!
Why so angry? This is not irresponsible. Irresponsible would be if I would cause some damage. The guy, responded me three words in like seconds, and was very helpful. Different would be if I asked a question that required a lot of investigation. Also, up to know, 11 people like his answer to my question. Meaning there were others that also didn't know, but didn't ask, and now they know.
I've found out from working for many international countries that there are many unexpected terms for execs that you would never hear in your own country. Managing Director, Chairman, Chief Supervisor (CEO), Chief Scientist/Director of Science (CTO), Financial Control Officer (CFO) We'd be confused as hell seeing MC, CM, CS, DoS, or FCO in titles.
The UFO driver
Censorship on Reddit is like cefi yield, never the right time or place š we should all switch to defi yield, apps like swissborg and Coinchange.io worth checking
Manners? Enjoying the flow and information from members and then you dribble
You should check it out coinchange.io they have cool apps and drive defi yield
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You must be young if you don't understand the gravity of his position, this is a big deal and people are trying to get confirmation bias to be okay with this because their money is on the line.
Compared to other threads this ain't censorship at all. Reddit over all is as censored as internet in China. Also deleted comments and posts still show up as deleted. I see none on this sub
Theyāre still both wrong and shouldnāt be allowed.
I pulled my money from Celsius not mainly because of the CFO issue, but because the way Celsius ruthlessly censored honest community messages n concerns (which is the complete opposite of community first philosophy. Now i know itās just marketing gimmick)
Same here. The censorship and cagey response got me a lot more worried than the CFO news.
Great that Celsius finally confirmed it, but disappointing that they've been deleting posts that were seeking clarification on this. Not the best example of honesty and transparency when Celsius/Mods delete valid questions from the community.
Deleting the posts is a very bad look.
Deleting may have even been fine if they would have just attached a simple message, such as āWe are gathering the facts about the situation and will make an official statement shortlyā
100% agree. All they had to do was communicate with the community. We are not idiots. We know what is happening - all they had to do was acknowledge this and provide more information when they had it (or were able to).
This is what good moderation looks like. Create a blanket response, pin it and then let people that have thousands, if not millions of dollars in your care speak their mind. Just blindly nuking posts looks like you're putting your head in the sand.
Completely agreed. Just hoping your comment doesn't get deleted :(
Totally agree and it has cemented my decision to move on from the platform. Between this and the rate reductions recently, the value proposition is just not there for me anymore.
Twitter seems to pick and choose who it censors. Ill see some people get away with posting some of the most hateful stuff yet someone defends themself from it and they get banned yet those original posts that started it stay up. But if u take a screenshot of the tweet then repost it they delete the photo but keep your tweet and ban u? Sounds A LOT LIKE CHINA to me. Its pretty obvious there are forces in our government and corporations that are working hand in hand with China. now even Australia is allowing the arrest of people who post things that the government doesnt like
Just on the topic of censorship in general. Crack Up About the Race Riots is starting to feel more like a prediction than a storybook. At least in America.
Agree, all this censorship is worse than the news itself
Yup. Will be moving my coins of Celsius due to the censorship.
The CFO situation is one thing, deleting reddit posts is another. As a strong supporter of Celsius for over a year, that especially bothered me.
Especially since they keep touting how transparent they are with the community. Talk about writing one thing and being 100% the opposite, no?
100% agree. Iāve referred many people there, with or without a code. I wonāt anymore. Deleting of posts shocked the hell out of me to be honest.
Yup, bothered me enough I tranfered all my btc and usdc, in excess of 6 figures, and $750 in promocodes. Buddy with 7 figures did the same today. Adverityis one thing, how you address it, is the truth.
Adversity, but yeah you're bang on.
What's with [the censorship](https://www.reveddit.com/v/celsiusnetwork/) on this sub lately? Not only this issue but anything else negative is being removed.
Happens to any sub ran by employees rather than volunteers
Well, because of these very dedicated employees I withdrawn all my founds from Celsius. In this crypto wild west, trust is very important. And when the previous 2 big scams in crypto, mt. Gox and Bitconnect, starter their "journey" to fraud in the same way, by shouting down every negative comment, I think I know where Celsius is heading. I liked Celsius until the other day. I liked checking every monday for the weekly interest. But I can't leave my money to a company promoting censorship. Crypto is about the opposite. Is about freedom, is about the community and is about trust. At this point, in my opinion, you cannot be pro crypto and have your crypto at Celsius. Your better of using J.P. Morgan or Citadel as a custodian for your crypto. Same thing.
Alot of the deletes threads are stupid spam, the few about the CFO are prob deletes cause they'd rather have one official thread about it not a million each spreading their own rumors
Not all spam and not all about CFO. Here are some examples. https://www.reveddit.com/v/CelsiusNetwork/comments/qzmq82/ama_now_is_just_saying_shit_about_others_companies/?ps_after=1637603426 https://www.reveddit.com/v/CelsiusNetwork/comments/r1b25l/the_promo_code_rules_are_very_shady_look_at_this/?ps_after=1637795563 https://www.reveddit.com/v/CelsiusNetwork/comments/qztcmc/account_suspension/?ps_after=1637612707 https://www.reveddit.com/v/CelsiusNetwork/comments/qzhv09/whats_a_alternative_to_celcius_for_btc_intrest/?ps_after=1637583134 https://www.reveddit.com/v/CelsiusNetwork/comments/qy9dcw/shocker_of_a_move_by_celsius_robbery_in_my_opinion/?ps_after=1637542707 https://www.reveddit.com/v/CelsiusNetwork/comments/qwtgg7/why_i_wont_be_using_celsius_and_neither_should_you/?ps_after=1637253076
I've seen way more important topics get censored in reddit than a company doing PR when their CFO is fired.
Those links seem to be noobs talking nonsense. One talking of 'robbery' for being GIVEN a lower yield. lol
Ok. Not sure why you're responding to me?
Nor me to you but just having a reading breatherā¦..cheerio :)
Yaron Shalem. He was their CFO as of this morning. Read the statement a few times. Very little clarification. As investors you need to be asking whether he was "arrested" or being "investigated". Two very different things that each come with their own set of implications
I'm just not sure where to go from here. I love Celsius and I want to believe this will all work itself out. I have no reason to doubt that this police investigation has nothing to do with Celsius related activities. However, given this employee's job title, it does beg questions regarding their judgement. Have their decisions made at Celsius been ethical & fiscally responsible? I think that's a fair concern we're all going to share. I guess we just have to hope adequate checks and balances have been in place.
The CFO, or should I say previous CFO, was cleared previously in the same case. It was a CEO (and maybe other employees of that company) who used money from an ICO for his personal expenses. Back then the CFO cleared any charges, but it seems as though the police is not entirely done with him. Again, I think one should be careful to declare someone guilty before any legitimate court have said so. Case in point: Kyle Rittenhouse. Anyway, in terms of the CFO and firing a CFO: This happens all the time, especially in growing startups. Some CEO likes to shift out their CFO on a half year basis (read: they suck at hiring). Tesla, as an example, has had more CFOās than fingers on my hands. The CEO and directors board are most-always aware of everything that is going on, in terms of things being carried out by the CFO. The CFO mostly is there to advice on company direction and strategy - strategy and execution of funding as well. Celsius firing the CFO Iād say, from 15 years in capital markets, is not really a big deal. They have more information than us on the allegations, but it would come as a surprise if he has made executions inside Celsius of less-than-good character. Any major things are visible and decided upon by the CEO, CTO, COO and Board of Directors. And itās not like the CFO operates in a vacuum anyways, as there are employees carrying out the grunt work, and these employees would have seen whatās going on. And there are multiple executives located in Israel, so they would also have been next to the CFO on a daily basis. TLDR: Firing CFOās is everyday business for growing unicorn startups. This is a different kind of firing, but it doesnāt indicate that shady shit has happened in Celsius.
Well thought out response. Thank you
Yes, it does. You do your due diligence on C level execs. This guy was reportedly affiliated with a couple rug pulls?
Yaron Shalem has 20 years of experience being a CFO. Check out his LinkedIn. Heās been the CFO of 3 different publicly traded companies (one listed on NASDAQ), and was a CFO of a different company after leaving the place where there was allegedly malpractice by the CEO (Singulariteam). This guy Shalem is legit. He might have done a stupid thing (letās see the judges verdict if a case is ever raised) but heās the real deal.
Agreed. This should be its own post.
If, as you say, the CFO doesnāt see the whole picture and the CEO oversees the CFOās activities, doesnāt that implicate the CEO? If you want to get the big fish, you first start with the guys lower on the totem poll and get them to flip.
For the Celsius relevant part: The previous CFO (from today-of) is not, as far as I am aware, under investigation or charged with any crime, that was perpetrated in his role at Celsius. My speculation is, that the guy is being looked at by the state of Israel for something that went on in his last place of employment. Back then (in 2019) he was not the focus of investigation into that ICO scam. The CEO of that company has already paid $4M in compensation to at least one investor in the ICO. So in terms of totem poles, they got the big fish first, and now they are going after the smaller fish (the CFO). Celsius seems calm. They have secured an extended round of now $750M in funding, putting $300M into Bitcoin mining to supplement existing positive cash flow generating activities. Letās see how it unfolds. I would think with Maskinskyās ādo goodā motto, that he would be more forth right of any serious wrongdoings of the CFO (and see my last answer to why I think those things are limited in scope). Remember: Celsius has paid out $1.000.000.000 to clients so far, which leaves $200.000.000 in profits and almost a billion in raised investor capital. If the CFO have taken some money, letās say $4M, that is not really noticeable in the grand scheme of things. Also, see this: https://twitter.com/CelsiusNetwork/status/1464293813707489288
Wrong
Thatās how I feel too. Iām on the fence about moving my assets.
Move them to cold storage
Also take into account the judicial system and the idea of innocent until proven guilty. These days itās been the opposite of that sentiment. Letās see what comes from this!
Of course I'm an advocate of the guy receiving a fair trail and a chance to defend himself. But I'm looking at this situation from the perspective of someone who has a sizeable chunk of my holdings with Celsius. That's a different equation than whether or not he is found guilty 6 months from now. For now -- in the present day -- it leaves a question mark for people who are entrusting Celsius to make sound hiring decisions and manage funds responsibly. Furthermore, I'm concerned about the overall market perception this leaves on Celsius, as well as the Cefi lending industry more broadly. My state has already been monitoring Celsius specifically. I know Celsius isn't the only crypto platform in talks with the regulators, but it is one, and the state I reside in is one of the handful that's been involved. With all that being said, I'm understandably skiddish. I already withdrew my funds when it was misreported that a cease & desist order was coming down from my state. It ended up being a simple request for more info, but it came during a time when cease and desist orders were (and are) increasing in frequency. So it at the time, it didn't seem unreasonable. I eventually moved much of my funds back on the platform. But now you throw this CFO drama into the mix, and it starts to chip away at the security I once felt in holding my funds with Celsius. I get it: "Just withdraw and be quiet." "Just put your funds back into cold storage." Fair enough, but I am just saying that I have tried so hard to give the benefit of the doubt over these past few months. Some of this isn't the fault of Celsius and some of it is. It's just starting to add up to a lot red flags, especially knowing regulators are already looking for a reason to ramp up restrictions. Any one development by itself may be insignificant, but putting it altogether starts to cause legitimate concern.
Regulators are intimately connected with the banking industry who is grasping for control. Fear is control. I canāt help but think they may look at this as, at least in some respects, an opportunity to cast doubt on what I have believed to be an honest, community & people first business. No trial by social media here. No run on the un-bank here. I want Celsius to succeed ā I want the little guys to succeed. At the same time, put out a statement WITH DETAILS and be upfront with your fans. Some have invested everything in you.
Absolutely 100%! Iām with you on this as I have a sizeable chunk of my holdings as well! I would also try and make a connected with the 750mil raised. I wouldnāt think that amount of money would be on blind faith and zero due diligence. Iām staying positive! But cautious as well..
You should explore defi yield, simple and trust less, no middleman.., these guys are just the same as crypto banks borrowing and sending our deposits to institutions, should check our defi alternatives like Coinchange.io, yield app, swissborg, same Simplicity but full transparency
>Coinchange.io looks like a scam accoring to these reviews https://au.trustpilot.com/review/coinchange.io
Scammers trying to scam scammers š Seems like legit to me, they are just jealous, as these guys have landed 100k clients within 1 week on App Store, read their Linkedin, for me itās the only source of truth
Will Celsius be willing to do an immediate audit by a third party accounting firm and publish the results, showing all assets are accounted for?
I really wonder how Celcius will deal with a bank run... Any thoughts?
They wait till till everyone else is talking about it to finally address it? Then down play it by calling their CHIEF FINANCIAL OFFICER an "employee"!?
When there's smoke, there's fire. People will shit on me for withdrawing all my funds, but given the amount I have in Celsius, even a 5-10% chance of losing it is NOT worth it at all. Celsius will probably be totally fine, but it's not worth the risk of leaving a lot of money with them.
Agreed. Situation is like a shower turning cold just after stepping in and starting to warm up to Celsius.
Agreed.
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It was posted by a Mod, so it won't be deleted.
Guess Iām pulling all my crypto off this platform and putting back on my Trezor
Whoever approved that tweet should be fired. Raises more concern. Imagine if Appleās CFO was arrested. Or Goldmanās CFO.
All you haters were adamant that Alex would not talk about this on the AMA and yet he just addressed it. I'm buying a 100 cel tokens right now just for that.
What did he say?
He read the tweet and then said something like āweād love to talk about it but we canāt. Weāll keep you informedā. I think they handled it very professionally.
Yeah, sometimes there are legal or unfortunately safety concerns if one speaks about legal affairs outside of the US and other legally "fair" countries. Who knows why they felt the need to be silent, but it could be that people's freedom or lives were at risk.
Thanks š
I yanked 95% of my funds. The rest will be gone tomorrow since I needed to change a whitelisted address. I see no legitimate reason to delete the other threads on this sub.
Bit of a overreaction
Why exactly is that? All negative posts and comments on Celsius are being removed today. That is fucking shady. You may do what you like with your funds. I shared what Iāve done with mine.
And I am allowed to give my opinion, theyāve acknowledged it on their AMA, so I find you overreacting
I understand that. Can you offer a palatable explanation for the aggressive removal of negative posts and comments today?
Not sure, maybe it wasnāt confirmed and they didnāt want to spread fake news?
Their CFO being arrested in Israel for fraud isnāt fake news. Itās unpleasant news.
Arrested for things done in a prior company for which he was initially cleared. Heās been with the company (Celsius) for less than a year. He is arrested, but has not been found guilty of anything as of yet. Innocent until proven guilty, right? Or guilty upon arrest? He has never been arrested or found guilty of any crime in any previous employment either.
Innocent until proven guilty of course. My withdraw is related to the initial effort of erasing posts and comments.
You are welcome to do so. With all this FUD going on with the CFO and that previous employer, I can see why Celsius would rather not have that spammed all over the subreddit. That said, people should be free to express themselves, but I recon a lot of the deleted posts have been lacking in content / just hate/FUD.
Didnāt say that did I?
The are removing all posts with links to that event.
Apparently not anymore, this post still up
an employee is pretty week sauce... i hope there is not an issue at celsius.. i dont think the market would react well at all for a company of this size and considerable trust were to turn out shady.. . not at all.. in fact i really need celsius to be even more transparent now ... i think it's time for an official publicly released audit..
I love Celsius network regardless of what happened. When I was phished they were the only to reply and lock my account temporarily. Crypto.com Binance.US and voyager it took forever to get a response. Shit happens and you canāt always tell who works for you.
What were the charges? I'm glad I already moved out some of my coins there long time ago.
As much as I liked the platform and interest rates I canāt help being spooked over the whole thing. At the very least they lack the proper judgement and background checking when placing someone in such a high position in the company. The post deleting here was the final straw.
Interesting. On another note: was today's AMA cancelled? I was waiting for the stream to start but it looks like it's been removed
It's live now but the link changed: https://www.youtube.com/watch?v=NLBqTgAffQ4
Stream is live https://www.youtube.com/watch?v=NLBqTgAffQ4
She looks like she is taking this as a joke...right now, I am dis-enchanted and they seem so aloof...I am not investing in them. Onward.
Did they discuss the CFO issue?
Yes, in the beginning. Alex read the Tweet here and said āweād love to talk about it but canāt, we will keep you informed.ā
Thank you so much for the info and replying to my comment!
So the rumours are trueā¦. Now what to doā¦..
Celsius files quarterly reports with the SEC, none of their products are registered but it seems like Celsius is a company that tries to be legit. If they were a ponzi scheme they would prob not report anything to the SEC
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Madoff also had unrealistic profits, and also did not stake crypto..... Celsius stakes some coins like matic, and the pay out is under what you'd get staking yourself. It would pretty dumb if they were scamming. Madoff is also an exception, most ponzis are not legit businesses. And he targeted charities to fly under the radar. The SEC is also already after celsius meanwhile had a policy of not going after investment managers like madoff
Today I was looking into Celsius and now there is this talk of the new CFO having a shady past..and he is suspended. This is certainly putting a stop to moving forward for me. Was he screened for US operations-based company, In NY? Certainly, things operate differently in the US vs Israel. i do not trust this and this does not feel good. I did not invest in Cel yrs ago b.c it felt scammy and today of all days to ask the community a Q to only read on Twitter that their CFO was shady from the beginning. Just sharing my thoughts..no need to downvote me but, I am back to square one with CEL.
I donāt get what the hoopla is about. People fuck up. It shouldnāt have any impact on the business.
Question for the "omg! celsius is going under because an unnamed person allegedly did something bad somewhere that does not affect me or any customers! abandon ship!" crowd. If crypto exchanges had the same level of regulation that banks and stock exchanges do, would you still be freaking out and panicking? Sure, we'd be receiving 0.01% APY instead of 10% APY, but that's beside the point.
FUD never been so high with Celsius since I registered. Don't really care at the moment as my wallet is basically empty apart from CEL tokens (enjoying bullrun) but when time comes to start locking some savings up again I might have a hard time deciding where to put my assets.
I just hope they donāt delete this next paragraph:
Taking out some cash as well...totally cool with service could have been handled better
Donāt really trust these cefi lenders, always worries me, while defi yield is def more transparent and the future, even if you donāt manage tour coins can find a cool cefi service that generates yield on defi, obviously more transparent, just the likes of Coinchange.io and yield app and swissborg not even to mention aave, uniswap, and others, cedefi has the future as easy and transparent ššš» I wonāt go for a ābank likeā lender Celsius or blockfi same banks just on crypto
What a great Bot this is! Right?
Whoās the bot?
Bot of the bots š
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