Celsius Sold Bitcoin and ETH to Buy Own Token Says Examiner – Trustnodes
Bitcoin Ethereum Nagbenta si Celsius ng Bitcoin at ETH para Bumili ng Sariling Token, Sabi ng Examiner – Trustnodes 2 minuto ang nakalipas Balita ng Ethereum ng Bitcoin Celsius, the now defunct crypto lender and borrower, sold bitcoin and eth deposited by customers to buy Cel, its own token, the bankruptcy examiner Shoba Pillay said in a court document. “Celsius did not earn sufficient yield on its crypto asset deployments to fully fund its CEL buybacks,” Pillay sinabi, idinagdag: As a result, it began using customer-deposited Bitcoin (BTC) and Ether (ETH) to fund its CEL purchases. But because Celsius lacked adequate reporting systems to track and reconcile customer assets on a coin-by-coin basis, Celsius was unable to track when it was short the necessary coins to meet customer obligations. Celsius was therefore caught off guard in early 2021 when it discovered a shortfall in BTC and ETH (which it had been using to fund CEL buybacks). Because the prices of BTC and ETH were increasing at that time, the amount of dollars it cost Celsius to acquire the necessary number of BTC and ETH also increased. Celsius then used the customers stablecoins to buy bitcoin and eth in May at the cost of $300 million, but: “As customers began withdrawing BTC