On Thursday, following the U.S. Securities and Exchange Commission (SEC) suing the insolvent crypto lender Celsius, the Federal Trade Commission (FTC) divulged a settlement with the firm and imposed a $4.7 billion fine for “duping consumers.” Nevertheless, the penalty will be deferred to enable Celsius to return its remaining assets to consumers in bankruptcy proceedings. FTC’s Settlement to Be ‘Suspended to Permit Celsius to Return Its Remaining Assets to Consumers in Bankruptcy Proceedings’ The now-defunct crypto lender Celsius has incurred a fine from the FTC for allegedly hoodwinking investors and “squandering billions in user deposits.” The company contended that it possessed “more than enough” assets to safeguard customer deposits, but according to the FTC, this was a spurious claim. The platform and its affiliated entities are indefinitely barred from managing customer assets, and three executives have been charged. Per the FTC, the case against Alexander Mashinsky, former
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