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Celsius Network’s Resolutions and $4.7B Fine: What You Need to Know

Celsius Network Pleased with Resolutions and $4.7 Billion Fine from FTC

Key Points:

  • Celsius Network, a bankrupt crypto lender, has announced that it is pleased with the resolutions it reached with various US government agencies.
  • The company will be fined $4.7 billion by the FTC, but the fine is suspended to allow Celsius to return funds to its users during bankruptcy proceedings.
  • Celsius stated that these resolutions will not impact the firm’s chapter 11 plan or its ability to return value to customers.
  • The company emphasized its commitment to cooperating with regulators and government agencies.
  • While Celsius was happy with the results, members of the crypto community expressed their dissatisfaction on Twitter.
  • Users criticized Celsius for its remarks and urged the company to apologize for mistreating customers.
  • Another community member expressed pleasure at the former Celsius CEO, Alex Mashinsky, being charged with multiple crimes.
  • The SEC filed a lawsuit against Celsius and Mashinsky, alleging false promises and fraudulent activity.
  • The United States Attorney for the Southern District of New York and the FBI also announced fraud charges against Mashinsky.

Hot Take:

Celsius Network might be pleased with the resolutions and the suspended fine, but the crypto community is not buying it. Users are calling for apologies and the distribution of remaining funds rather than corporate jargon. To add fuel to the fire, one user is celebrating the charges against former Celsius CEO Alex Mashinsky. It seems like Celsius Network’s troubles are far from over, and the heat is only getting hotter.

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