Important points from The regulator said Celsius “squandered billions in user deposits” after “duping” customers into depositing funds:
1. Celsius, a popular cryptocurrency lending platform, has been accused by a regulatory authority of mishandling user deposits and misleading customers.
2. The regulator alleges that Celsius deceived its customers into depositing funds by promising high interest rates and secure storage of their cryptocurrencies.
3. According to the regulator, Celsius failed to fulfill its promises and instead misused the deposited funds, resulting in significant losses for users.
Summary:
Celsius, a cryptocurrency lending platform, is facing allegations from a regulatory authority for misusing user deposits and misleading customers. The regulator claims that Celsius enticed customers with promises of high interest rates and secure storage, only to squander billions of dollars in user deposits. This has led to substantial losses for users who trusted the platform.