Crypto Liquidity Crisis Is a Boon for This Swiss Firm

It’s the two words that investors hate the most: “Ponzi scheme.”

And that’s the phrase that appears in a lawsuit filed in New York State Supreme Court on July 7 against Celsius Network, the cryptocurrency loan company that suspended fund withdrawals and other operations from its platform last month. 

‘Our Life Savings is in Your Hands’

The suit was filed by Jason Stone, founder and CEO of KeyFi, which was partly acquired by Celsius, who said in the complaint that “the recent revelation that Celsius does not have assets on hand to meet its withdrawal obligations shows that the defendants were, in fact, operating a Ponzi scheme.”

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