Vermont Regulator: Celsius Had Been Insolvent Since 2019

Vermont state officials have asked for broader powers to investigate Celsius, alleging that Celsius artificially inflated the price of its $CEL token at the expense of retail investors going back over three years. "By increasing its Net Position in $CEL by hundreds of millions of dollars, Celsius increased and propped up the market price of $CEL, thereby artificially inflating the company's $CEL holdings on its balance sheet and financial statements," Vermont assistant general counsel Ethan McLaughlin declared in the Wednesday filing. "Excluding the Company's Net Position in CEL, liabilities would have exceeded its assets since at least February 28, 2019," he continued. "These practices may also have enriched Celsius insiders, at the expense of retail investors."