Class Action Lawsuit Accuses Troubled Crypto Exchange Celsius of Running Like a ‘Literal’ Ponzi Scheme

The walls are closing in around one embattled crypto lending platform as a new lawsuit alleges it defrauded investors. Celsius Network, which filed for bankruptcy this week, has now also been sued with accusations that it operated like a Ponzi scheme. In a class action suit filed in a US district court in New Jersey on Wednesday, plaintiff Taylor Goines alleges, “Defendants employed devices, schemes, and artifices to defraud… and engaged in acts, practices, and a course of business that operated as a fraud and deceit upon the Class members that resulted in artificially high market prices for Celsius Financial.”