Levy: EU Asked to Investigate Celsius €8 Billion Account Freeze
EU Parliament Asked to Investigate Celsius Network and Fireblocks
€8 Billion in Cryptocurrency Frozen
July 5, 2022
(For Immediate Release)
Brussels:
On June 21, 2022, giant crypto banker, Celsius Network, announced to the shock and dismay of its account holders that it was freezing up to €8 Billion Euros in cryptocurrency deposits. If the crypto mega banker fails, this may be the largest crypto related loss since the ongoing OneCoin debacle in which losses may top €10. The One Coin founder, Ruja Ignatova, was added to the FBI Ten most wanted list last week.
The European Union in conjunction with a pending petition seeking establishment of a crypto asset victim superfund, was informed of the decision by Celsius CEO Ivan Mishinsky to freeze the accounts due to “liquidity” issues. The EU committee was also told that crypto unicorn Fireblocks LLC, the custodian and insurer of Celsius was aware for over a year of the risky rehypothecation practices of Celsius in which collateral and deposits were loaned out or otherwise encumbered so to pay investors hefty awards or interest.
Both Celsius and Fireblocks maintain offices in the EU: Lithuania, Germany and France and service EU citizens. Celsius and Fireblocks maintain headquarters in the US and share a common corporate address in Hoboken, New Jersey. The CEOs of both companies, Mishinsky and Shaulov, are Israeli citizens.
London based lawyer, Dr. Jonathan Levy, indicated his client and claimant representative , is a German citizen with several million Euros of frozen cryptocurrency on deposit with Celsius. Dr. Levy also criticized Celsius for confusing its clients with conflicting statements about the existence of various types of insurance, although the home page of Celsius claims $750 million in insurance, according to Dr. Levy: “The claims about the existence of insurance by Celsius is a classic misdirection by Mr. Mishinsky, such insurance as may exist does not protect investors from the reckless lending practices of Celsius nor the nonfeasance of its custodian Fireblocks.”
The European Union Parliament Petitions Committee is considering a Petition filed by lawyer, Dr. Jonathan Levy, on behalf of consortium of victims, organizations and companies seeking the establishment of a crypto industry funded Superfund. TThe victims’ groups represented by their lawyer, Dr. Jonathan Levy have suffered losses exceeding €10 billion. The Petitioners propose the implementation of an unnoticeable .0001 cent per € insurance fund fee on crypto asset transactions that would provide for a victim Superfund. Daily crypto asset volume has been as high as €2 trillion recently.
Dr. Levy also criticized EU inaction to date and reliance on member states to protect victims: “The EU is proposing to regulate crypto assets but leaves enforcement and victim issues to the member states; we already know that some of these government will either look the other way or even protect criminals such as Ireland which allowed the owners of failed Bitsane crypto exchange to walk away with a billion Euros in deposits and Bulgaria where law enforcement protects the ongoing OneCoin pyramid scheme.”
For more information:
Dr. Jonathan Levy
Attorney & Solicitor
t +44 20 8144 2479
EU Parliament Asked to Investigate Celsius Network and Fireblocks
€8 Billion in Cryptocurrency Frozen
July 5, 2022
(For Immediate Release)
Brussels:
On June 21, 2022, giant crypto banker, Celsius Network, announced to the shock and dismay of its account holders that it was freezing up to €8 Billion Euros in cryptocurrency deposits. If the crypto mega banker fails, this may be the largest crypto related loss since the ongoing OneCoin debacle in which losses may top €10. The One Coin founder, Ruja Ignatova, was added to the FBI Ten most wanted list last week.
The European Union in conjunction with a pending petition seeking establishment of a crypto asset victim superfund, was informed of the decision by Celsius CEO Ivan Mishinsky to freeze the accounts due to “liquidity” issues. The EU committee was also told that crypto unicorn Fireblocks LLC, the custodian and insurer of Celsius was aware for over a year of the risky rehypothecation practices of Celsius in which collateral and deposits were loaned out or otherwise encumbered so to pay investors hefty awards or interest.
Both Celsius and Fireblocks maintain offices in the EU: Lithuania, Germany and France and service EU citizens. Celsius and Fireblocks maintain headquarters in the US and share a common corporate address in Hoboken, New Jersey. The CEOs of both companies, Mishinsky and Shaulov, are Israeli citizens.
London based lawyer, Dr. Jonathan Levy, indicated his client and claimant representative , is a German citizen with several million Euros of frozen cryptocurrency on deposit with Celsius. Dr. Levy also criticized Celsius for confusing its clients with conflicting statements about the existence of various types of insurance, although the home page of Celsius claims $750 million in insurance, according to Dr. Levy: “The claims about the existence of insurance by Celsius is a classic misdirection by Mr. Mishinsky, such insurance as may exist does not protect investors from the reckless lending practices of Celsius nor the nonfeasance of its custodian Fireblocks.”
The European Union Parliament Petitions Committee is considering a Petition filed by lawyer, Dr. Jonathan Levy, on behalf of consortium of victims, organizations and companies seeking the establishment of a crypto industry funded Superfund. TThe victims’ groups represented by their lawyer, Dr. Jonathan Levy have suffered losses exceeding €10 billion. The Petitioners propose the implementation of an unnoticeable .0001 cent per € insurance fund fee on crypto asset transactions that would provide for a victim Superfund. Daily crypto asset volume has been as high as €2 trillion recently.
Dr. Levy also criticized EU inaction to date and reliance on member states to protect victims: “The EU is proposing to regulate crypto assets but leaves enforcement and victim issues to the member states; we already know that some of these government will either look the other way or even protect criminals such as Ireland which allowed the owners of failed Bitsane crypto exchange to walk away with a billion Euros in deposits and Bulgaria where law enforcement protects the ongoing OneCoin pyramid scheme.”
For more information:
https://tinyurl.com/EUcryptofund
Dr. Jonathan Levy
Attorney & Solicitor
info@jlevy.co
http://www.jlevy.co
t +44 20 8144 2479
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