Celsius Network was a ‘Ponzi scheme,’ company’s former investment manager alleges in lawsuit

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Beleaguered crypto lender Celsius Network operated as a classic “Ponzi scheme,” the former head of the company’s key investment strategy alleged in a lawsuit, claiming the company used customer deposits to cover huge liabilities caused by reckless mismanagement.

Jason Stone, whose company KeyFi partnered with Celsius to run its decentralized finance investment business in 2020 and 2021, said in the suit that the crypto lender failed to take steps to hedge against volatility, leaving it massively exposed to the recent crypto…

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