An independent investigation has determined that now-bankrupt crypto lender Celsius Network was a Ponzi scheme by using client funds to buy up its native token and inflate price.

Since September, former prosecutor Shoba Pillay has examined claims that the crypto lender was misappropriating funds and defrauding investors. The executive summary of Pillay’s 689-page report states that Celsius’ promises of “trust,” “transparency,” and “financial freedom” were a complete lie.

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