The chief revenue officer was suspended by Celsius in May of 2021 - before the CDPQ investment - because of a police probe into his side business which he started with a known money launderer. Two of Celsius Network’s executives are currently suspended from the company as a result of investigations revealing their ties with money laundering. Hogeg was arrested in 2021 on 21 offenses, including money laundering, theft, and fraud. An early advisor to Celsius, Moshe Hogeg, has been sued numerous times since 2018 for misleading and defrauding crypto investors. The founder of Celsius Network, Alex Mashinsky, regularly makes ill-founded claims that he invented voice-over-internet protocol. The company has since engaged lawyers for “restructuring.” FTX hasn’t crashed like Celsius Network just yet, but the investment is putting teacher pensions in danger.īut who could have seen the collapse of the Celsius Network coming?Ĭelsius Network stopped all customer withdrawals on Monday 13 June 2022. That same month, the Ontario Teachers’ Pension Plan (OTPP) announced its investment in FTX Trading Ltd, supplying at least $50 million into a meme-inspired fundraising round - raising $420.69 million from 69 investors. In October 2021, one of Quebec’s largest pension funds - the Caisse de Depot et Placement du Québec - invested $150 million into the crypto-lending company called the Celsius Network - which may now be facing bankruptcy. The report added that these assets were prone to “extreme volatility” because of speculative trading, market manipulation, theft and fraud.īut in Canada, there’s been less critical coverage scrutinizing these decisions from pension funds and plans. Department of Labor warned employers against using pension funds that included bitcoin or other cryptocurrencies, warning plan providers that they could be investigated for these offerings. But more and more of these funds are looking to the volatile world of cryptocurrency to maximize their returns. Managers of these multi-million and multi-billion funds invest into promising businesses that will provide you with stable returns. Pension plans and funds are supposed to put the money that will take you through retirement into capable and diligent hands.
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