According to the report by a court-appointed examiner for its bankruptcy proceedings, the collapsed cryptocurrency lending platform Celsius Network had cheated customers since its foundation as a public company in the United States, which it allegedly created to avoid regulation in the United Kingdom.

Indeed, Celsius U.S. “on a stand-alone basis has been insolvent since inception,” according to the solvency analysis by the U.S. examiner, shared in a Twitter thread by the speaker and writer on economics, finance, and monetary policy, Frances Coppola, on February 1.

(By Ana Nicenko)