Celsius lost $350 million due to high-risk trading strategies
A new report by blockchain analytics firm Arkham Intelligence stated that Celsius entrusted corporate funds of around $530 million. Failing to hedge the risk resulted in a loss of $350 million when the asset manager returned capital corresponding to the value of the crypto assets.
The asset manager was identified as the team behind the investment firm KeyFi, led by CEO Jason Stone. The research further speculated that the crypto assets could be part of Celsius’ liabilities to customers.