We just wrote up the final examiner report for Celsius. This ended up being a 3,000-word post, mainly because the report was loaded with comedy gold. You can read our full analysis on David’s blog. [David Gerard]

Celsius was not just fraudulent. It was an utterly incompetent investment business. Here’s what we cover:

• History of a scam, how Celsius started.
• CEL and the flywheel — Celsius’s main business was pumping CEL.
• Mashinsky knowingly and repeatedly lied to customers.
• The examiner doesn’t outright say that Celsius operated as a Ponzi, but she demonstrates that it did.  
• Mashinsky was a horrible investor. Celsius invested 30% of its assets in GBTC just a few months before GBTC started trading at a permanent discount to NAV. He totally missed the boat on that one. 
• Celsius used Quickbooks for its accounting, just like FTX.
• We fully expect Mashinsky to be indicted soon.