Do You Want to Know If Celsius Is Legitimate or a Scam?
Celsius stormed onto the crypto scene with impressive beginnings. Its website is flashy and it was founded by a promising, smart entrepreneur who created a kind of cult of personality with charisma and aggressive brand building.
Celsius created a positive impression at first. When you get past the new warning on the site that many of its services have been discontinued, you’ll see greetings to would-be clients to buy, borrow, swap and earn crypto without fees. Does this sound too good to be true? Well, to the 500,000 Celsius users with a total of $8 billion currently frozen, Celsius services definitely have not delivered on their promises.
There Are Some Problems with Celsius
It’s no wonder why hundreds of thousands of people were attracted to Celsius. It promised returns of up to 30% higher than similar crypto services. This crypto lender made borrowing and trading easy, or at least it seemed that way.
However, none of the clients who actually received returns from Celsius had any idea of where the money was coming from. Since Celisus boasted of being unregulated and urged people not to trust banks (“Banks are not your friends,” CEO Alex Mashinsky would often say), it didn’t need to follow rules that would require disclosing its practices to clients, regulators or anyone else. And now it’s telling people to simply be patient while it freezes myriad accounts.
When the crypto party ended with the bitcoin crash which sent the premier digital currency from $60,000 to $20,000 in just weeks, Celsius froze all accounts. Celsius insists to financial media that its intentions are good and just to be patient, but since Celsius keeps so many people in the dark, it’s hard to trust these statements.
There is some speculation that Celsius used clients’ money to fund projects with other crypto platforms that failed in the crash and it’s no longer able to pay back clients’ money. This is just one allegation, but until Celsius shows some transparency, reveals what has happened to client funds and returns their money, people have every reason to suspect Celsius is a crypto scam.
Red Flags that Celsius Could Be a Scam
- No license
- No transparency
- False claims
- Unfavorable media coverage.
- Bad reviews
If You Have Lost Money to Celsius, Talk to Us
We create these reviews to warn consumers about brokers and schemes that may be fraudulent. If you have an account with Celsius, close it and request a withdrawal. If you are not given your money back, contact the Broker Complaint Registry right away. We will consult with you, work to track down your funds and create investigative reports that will help you with your case.
