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Search resuls for: "Paige Tortorelli Kate Rooney"


4 mentions found


☆ Celsius clients with collateral stuck on failed crypto platform turn to bankruptcy process for relief
  + stars: | 2022-12-03 | by ( Paige Tortorelli Kate Rooney | Paige Tortorelli | Kate Rooney | ) www.cnbc.com   time to read: +5 min
Knitowski borrowed $375,000 from crypto lender Celsius over several years and posted $1.5 million in bitcoin as collateral. Knitowski and thousands of other loan holders had more than $812 million in collateral locked on the platform, and bankruptcy records show Celsius failed to return collateral to borrowers even after they repaid their loans. Adler said he's representing a group of 75 borrowers who have approximately $100 million in digital assets on Celsius' platform. In the crypto world, a borrower can ask for a loan and pledge bitcoin as collateral. The crypto platform also failed to provide borrowers with a complete federal Truth in Lending Act (TILA) disclosure, according to former employees and an email sent to customers on July 4.
☆ Sam Bankman-Fried’s Alameda quietly used FTX customer funds without raising alarm bells, say sources
  + stars: | 2022-11-13 | by ( Paige Tortorelli Kate Rooney | Paige Tortorelli | Kate Rooney | ) www.cnbc.com   time to read: +3 min
According to the source, FTX did not have nearly enough on hand. Its biggest customer, according to a source, was the hedge fund Alameda. In general, mixing customer funds with counterparties and trading them without explicit consent, according to U.S. securities law, is illegal. Sam Bankman-Fried declined to comment on allegations of misappropriating customer funds, but did say its recent bankruptcy filing was a result of issues with a leveraged trading position. The blurred lines between FTX and Alameda Research resulted in a massive liquidity crisis for both companies.
☆ Eight states file enforcement action against crypto lending platform Nexo
  + stars: | 2022-09-26 | by ( Paige Tortorelli Kate Rooney | Paige Tortorelli | Kate Rooney | ) www.cnbc.com   time to read: +4 min
Eight states announced on Monday they're bringing actions against the crypto lending platform Nexo Group in connection with its unregistered, interest-bearing cryptocurrency product. The filings also state that Nexo misrepresented the accounts, and suggested to investors that they are a licensed and registered platform. These interest earning accounts, known as "Earn Interest Product," allowed investors to deposit assets with Nexo in exchange for earning yields as high as 36% on their deposits. Celsius, which offered similar interest-bearing accounts, filed for bankruptcy this summer after freezing customer funds in June. The orders states filed further prevent Nexo from offering this product to residents until it meets the necessary registration requirements.
☆ Celsius has a Hail Mary bankruptcy plan: Turn its debt into a new cryptocurrency
  + stars: | 2022-09-23 | by ( Paige Tortorelli Kate Rooney | Paige Tortorelli | Kate Rooney | ) www.cnbc.com   time to read: +2 min
The recording was provided by Tiffany Fong, who says she is one of the 500,000 Celsius customers with funds locked in the platform. In the recording, Celsius co-founder Nuke Goldstein outlines a compensation plan for customers who deposited assets in Celsius' "Earn" account, for which Celsius had promised yields as high as 17%. The tokens represent the ratio between what Celsius owes customers and what assets they have available. Celsius also intends to allow customers to redeem these tokens, according to Goldstein. He said the tokens can be redeemed on Celsius for a value likely less than what they are owed or on crypto platforms like Uniswap, allowing the market to determine the tokens' value.
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