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Independent Examiner Excoriates Celsius as a Ponzi

A newly released 476-page report shows the company was using customer funds to buy CEL.

January 31, 2023
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On today’s episode, NLW breaks down the newly filed report from the Celsius Network bankruptcy court’s independent examiner. The extremely thorough document argues that not only was Celsius engaged in extremely problematic practices, but that numerous employees raised concerns around them. The show also covers the debate around an independent examiner in the FTX case.

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Malte Mueller/Getty Images, modified by CoinDesk. Join the discussion at