• After learning of the BTC shortfall, a Celsius “Task Force” consisting of Mr. Tappen (Coin Deployment Specialist), Mr. Nolan (Head of Institutional Lending and Head of Coin Deployment), Gabe Ficht (Senior Manager of Analytics), and others, worked to develop a better way to track Celsius’s coins and obligations to customers
• The Task Force’s effort culminated in the “Freeze Report,” a Google spreadsheet intended to provide a snapshot of Celsius’s assets and liabilities at a given time.

• Mr. Tappen explained that Celsius built the Freeze Report internally because no product was available from third parties
• Mr. Mashinsky said that the Freeze Report was “supposed to represent [the] truth at that moment.”713 Although he stated that he did “not often” review the Freeze Reports, Mr. Mashinsky also said that the reports informed his “understanding of where the company is,” including “all assets and liabilities” and “where all the coins are.”
• Similar to Mr. Tappen, Mr. Mashinsky added that no “off-the-shelf software” existed to manage the information and that given that Celsius was “trailblazing,” the system that it ultimately used “was the best system the team came up with.”
• As of September 2021, for example, the Finance team had requested additional “critical” updates to the Freeze Report, and Celsius worked to “stabilize the process” and “ensure[ ] it capture[d] all strategies.”722 Yet Celsius did not promptly implement these internal requests, leaving the Freeze Report with “deficiencies,” including “missing coins,” for months.
• In response to the Examiner’s inquiry, Mr. Sunada-Wong agreed that there were gaps in the technical infrastructure necessary for Celsius to make sound financial decisions and manage risk
• Mr. Vavilikolanu explained that the original creators of the Freeze Report, including Mr. Ficht, had repeatedly underscored that “the Freeze [Report] was not meant to be a balance sheet” but rather was merely “a band-aid” that should be “treat[ed] as such
• After learning of the existence of the profit and loss reports from Mr. Tang, the Examiner requested their production. Despite Mr. Tang’s statement that he began building these reports in the summer of 2021, Celsius could only locate and produce profit and loss reports starting on January 1, 2022
• Another new report—known as the “Waterfall”—was introduced in May 2021 (although no reports from that time period exist) to track Celsius’s liquidity and deployment activities
• When asked, Mr. Mashinsky said that he was unfamiliar with the term “Waterfall Report.”
• As with the Freeze Report, Celsius employees expressed concerns regarding the Waterfall Report, referring to the NIM calculation as “broken,” giving a number that “can’t be real”741 and was “fake.”
• Mr. Tappen explained that the NIM reflected in the Waterfall Report compared the yield on Celsius’s deployed assets to the cost of those assets, rather than to the cost of the liabilities (i.e., did not take into account interest paid on undeployed coins). 743 In addition, the NIM did not take into account the “[a]sset-liability mismatch”—i.e., it did not reflect the “extra expenses” Celsius incurred in borrowing stablecoin to purchase coins to meet the shortfall in coins owed to customers and so undervalued the true cost of Celsius’s stablecoin holdings.
• Neither Mr. Perman nor Mr. Maglic756 knew how Celsius had modeled liquidity risk prior to their arrival or whether anyone was responsible for assessing risk generally. Mr. Perman said that when he joined Celsius, he did not ask for any documentation of how Celsius approached stress-testing because he “knew that it didn’t exist.
• Mr. Mashinsky told the Examiner that Celsius “made sure they had enough liquidity in different accounts” but he was “not sure where it was tracked.”776 He believed Celsius always had sufficient liquidity to meet customer demand and said he was assured by the Risk and Finance teams that there was sufficient liquidity
• He also said, however, that “sometimes there were windows over the weekends where we didn’t have enough and they would have to move coins, that would pause withdrawals.”
• Mr. Sunada-Wong recalled that, when he joined in March 2021, Celsius had no formal treasurer and the Assets and Liabilities Committee did not yet exist. Instead, the New Business Committee made decisions about deployments frequently on the same day that they were proposed
• Mr. Tappen added that, in some cases, Celsius had not been able to deploy some new tokens months after first listing them on its app, which meant that Celsius could not break even on the asset for over a year
• Months later, however, Mr. Mashinsky still sought to list more coins without approved deployment strategies to produce positive yield. In May 2022, Mr. Mashinsky provided his “wish list” to the Coin Listing Committee for an additional 40 coins to be listed to the platform
• On June 10, two days before the Pause, Mr. Mashinsky still sought to add additional crypto assets to the Earn program. Mr. Bolger pushed back
• Celsius’s deficient systems and record-keeping impeded its ability to address its losses. Celsius learned this lesson at the start of 2022, as four straight months of negative NIM were compounded by hundreds of millions of dollars in losses from poorly executed strategies, communication failures, limited systems of record, and disregard of policies.
• These losses took several forms. At the end of 2021, Celsius suffered losses of $150 million on exchange trading strategies, due at least in part to its cash and carry trade strategy.808 A cash and carry trade is an arbitrage trading strategy that exploits mispricing between an underlying asset and its corresponding derivative.809 Under its strategy, Celsius would take a long position in an asset while simultaneously selling an associated derivative (shorting a futures contract) in hopes that Celsius could profit when prices of both converge.810 The strategy ultimately proved unsuccessful. Mr. Maglic said, “the consensus in Risk was that [the] team wasn’t sophisticated enough and we didn’t have the technology to execute quickly, get in and out of positions quickly
• In January 2022, Celsius experienced trading losses due to BTC price fluctuations as BTC prices dropped and confronted challenges in implementing hedging strategies.812 The negative NIM Celsius had experienced over the preceding months, along with the trading desk’s losses, prompted multiple internal reviews in early February 2022. The Risk Team conducted a “secondline, post-mortem review,” in part to assess Celsius’s FTX losses and in part to protect the team against Mr. Mashinsky’s criticisms related to Celsius’s negative NIM
• Mr. Alisie’s team separately conducted an “independent ‘third-line of defense’ assessment via a ‘targeted audit’ review.”814 Mr. Alisie’s team focused on mining, the CeFi trading desk, and the financial reconciliation process
• Although, as Mr. Alisie acknowledged, the “rigor” of these reviews was “not even close” to a proper audit, they nonetheless identified significant issues, ranging from lack of controls, poor communication, issues with data and analytics, and governance.
• In February 2022, Mr. Alisie’s team undertook a CeFi review because Mr. Mashinsky had “circumvented some controls and processes under stressful market conditions,” and then went “over the head” of Finance and Risk leadership to direct trades inconsistent with Celsius’s directionally-neutral strategy
• After BTC prices had plunged 19% in December 2021 and continued to drop in early January 2022, the Risk Team observed that the trading desk had exceeded limits set for BTC exposure and as a result, faced “mounting losses.”821 Mr. van Etten pushed the trading desk to bring its position within the limits, but by the time he succeeded, prices had dropped from roughly $47,500 at the beginning of January 2022 to under $40,000, or another 16%.822 Mr. Mashinsky responded by wresting control over the trading decisions and ordered the desk to shed its BTC position in light of the price drop
• The Risk Team’s postmortem underscored that because “Celsius has a policy to not take directional positions on cryptocurrency prices,” Mr. Mashinsky’s actions were “inconsistent with policy.”826 Mr. Sunada-Wong reiterated this point to the Examiner explaining that Celsius “had conveyed to the public that we take coins and lend them out.”827 Accordingly, no more than “a minor percentage” of its revenue generating deployments should be positional “trading.”828 Mr. Mashinsky, meanwhile, blamed the trading team for taking directional positions, while claiming that he had not.829 In contemporaneous emails, Mr. Sunada-Wong expressed skepticism about whether Mr. Mashinsky would “be receptive” to the assertion that “what Alex has instructed the team to do the past 8 days and . . . his continued requests for ‘trading around the hedges’” in fact constituted proprietary trading.830 Mr. Sunada-Wong told the Examiner that Mr. Mashinsky’s view was “mind-bending.”
• Mr. van Etten put it more bluntly: Mr. Mashinsky had “a tendency to micromanage things in areas where he has no expertise.”834 Celsius had a “need” to “set rigid limits, so when [Mashinsky] attempts to give directions that are not in[ ]line with overall strategy, there is [a] document teams can point to, to push back and say this is not part of the overall strategy.
• In private discussions, Celsius employees put it more bluntly, calling the entire Freeze Report process “messed up”862 and “a joke.”863 When asked if the reconciliations were run off the Freeze Report, Mr. Mashinsky said, “I don’t know how that works.”864 Mr. Mashinsky told the Examiner that he “wasn’t worrying about the Freeze being accurate or if the balance sheet would reconcile.”
• Perhaps the harshest assessment of the Freeze Report came from Celsius’s Risk Team. In February 2022, members of the Risk Team discussed new deployment proposals.866 Mr. Sunada-Wong reminded the Risk Team that new strategies were not approved until the current Freeze Report was finalized.867 Tamas Antal (Head of Model Risk and Quantitative Analytics) in response, said:
  • from what I understand the main problem is not that people are not signing off on the freeze but that the freeze is taken way too seriously for what it is: it is one analyst’s lonely guess of what the firm’s positions are. It is a random spreadsheet that we (the firm) did not take seriously enough to assign proper resources.868
  • Mr. Chan agreed:
  • [t]he freeze is unfortunately one analyst’s guess of the firm’s position, and it ended up this way because proper resources and care have not been diverted to the vital organs of the firm. While we are neglecting our hearts & lungs (the Freeze), we continue to build u
• At the same time Celsius was struggling to balance its growth with revenue generation and its lack of sufficient risk or oversight management, Celsius engaged in a robust advertising campaign that did not reflect these challenges
• elsius repeatedly emphasized multiple themes in its campaign, which continued even up until it filed for bankruptcy, including the following: (1) Celsius put its “community” of customers “first;”871 (2) Celsius customers should join Celsius to gain “unparalleled access to reach financial freedom” from traditional banking.872 (3) The Celsius platform was secure and was “the safest place for your crypto;”873 and (4) Celsius was transparent with its customers;874
• However, Celsius’s public representations were often inconsistent with the facts, often most starkly represented by Mr. Mashinsky regularly making misleading and inaccurate public statements, including in AMAs and tweets.
• n a sincedeleted 2019 blog post, Celsius wrote that it was “founded by an innovative team with a simple idea: financial services should only ever act in the best interest of their community.”896 The post went on to distinguish Celsius from interestearning accounts at its competitor, BlockFi.897 Celsius noted that BlockFi’s terms of use expressly stated that BlockFi did not have a fiduciary relationship with its customers.898 Mr. Mashinsky stated in this post that he “cannot imagine defining such an untrusting relationship between our community and our company.”
• He then “encourage[d]” readers to “read our own terms and conditions and see how we are acting in your best interest.”900
• **Mr. Mashinsky told the Examiner that he never personally read the Celsius Terms of Use**\*
• Starting with the second iteration of the Terms of Use that went into effect on March 5, 2020, and continuing through the version published on April 14, 2022, Celsius told its customers that “[t]hese Terms and the holding of [the] Digital Asset relationship does not create a fiduciary relationship between us and you. . . .”9
• its business model in a since-deleted blog post, stating that, [t]he Celsius business model is structured to do the exact opposite of what banks do — by giving 80% of total revenue back to our community each week in the form of earned interest. We earn profits by lending coins to hedge funds, exchanges, and institutional traders, and by issuing assetbacked loans at an average of 9% interest.
• elsius also emphasized the “safety” of the Celsius platform as a low-risk place for customers to invest their crypto
• February 5, 2021, Mr. Mashinsky announced: You asked for it and we listened. We will be launching a self-insurance plan for all u/CelsiusNetwork users that will cover all your coins, it will take us a few months but it will insure coins lent out to institutions and exchanges. No one else has such insurance today
• Celsius never launched this self-insurance plan.934 In fact, starting with the second version of its Terms of Use, and continuing through the version issued on April 14, 2022, Celsius told its customers, “[Y]our Account is not a checking or savings account, and it is not covered by insurance against losses.”9
• Celsius repeatedly stressed the safety of assets on its platform. In a sincedeleted blog post written by Celsius’s former Chief Financial Officer, Ms. UrataThompson, and titled “What We Do & How We Do It,” Celsius claimed to protect customers’ deposited crypto assets.936 Ms. Urata-Thompson wrote: What Celsius does best is identify the counterparties we believe are most suitable to transact within lending, borrowing, and other similar transactions. We believe it is very important to carefully vet all of the counterparties we transact with by looking at a number of factors including their financial credentials . . . If we conclude that the counterparty has a high-risk profile, we may not move forward with them. If we do, we take a very conservative position such as only allowing very small or overcollateralized positions.
• Celsius claimed that it did not “do non-collateralized loans . . . Celsius will not do that because that would be taking too much risk on your behalf.”942 On March 11, 2019, Mr. Mashinsky posted to Twitter: “No, we loan coins out at up to 150% collateral.”943 Two months later, on May 16, 2019, Celsius posted to Twitter, “We require 200% minimum collateral on all loans. That means it doesn’t matter very much how risky their bets are, because we hold more than the total loan value at all times, and if they default we have recourse.”944 On July 8, 2019, Celsius posted to Twitter: $
  • borrowers must provide over 100% collateral to secure a loan. Institutional borrowers have additional options to secure a loan (collateral, parent guarantee). We do not provide loans to unsecured borrowers. To date, we have not had a single borrower default on their loan.
• In a November 6, 2020 AMA, Mr. Mashinsky said, “We have zero bad loans, we have zero loans that don’t pay their interest . . . Celsius is very, very strict who we lend to, we only lend to the first tier institutions, first tier exchanges. We do not do unsecured lending.”947 This particular AMA caused concern for the then-Chief Investment Officer and Chief Financial Officer UrataThompson, who wrote to Johannes Treutler, then Head of Trading Desk, in a Slack, “You talking about unsecured loans? I just told him that the number is increasing and overall ratio of collateral with institution is going down.”948 Mr. Treutler responded, “Yes – so why does he publish so dangerous statements ‘Everyone out there – if you ever got a[n] unsecured loan – tell everyone that I’m a liar.’”
• Mr. Mashinsky continued to reassure Celsius’s customers about the safety of their deposits. “A run on the bank cannot happen at Celsius because Celsius never lends more than what it has …we always have enough coins and enough collateral and so on to return all the assets to all of our users.”950 “Celsius takes full responsibility if anything goes bad we take full responsibility that's part of why we raised it 750 million and now we have over two billion dollars on our balance sheet again more than anybody else.”
• Mr. Mashinsky continued to assert that Celsius did not offer non-collateralized loans as late as April 2022, “On the institutional side, we have very credible counterparties that have billions of dollars on their balance sheet and for those, we have undercollateralized but we don’t offer any non-collateralized loans.
• Even as the crypto market began to spiral with the collapse of Terra/Luna in early May 2022, discussed in further detail below at Part Two, Section VII.D., Celsius continued to promote its conservative risk management. On May 11, 2022, both Celsius and Mr. Mashinsky posted to Twitter: “As part of our responsibility to serve our community, u/CelsiusNetwork implemented and abides by robust risk management frameworks to ensure the safety and security of assets on our platform. All user funds are safe. We continue to be open for business as usual.”
• On June 7, 2022, Celsius posted to its blog, “Damn the Torpedoes, Full Speed Ahead:” “Celsius has the reserves (and more than enough ETH) to meet obligations, as dictated by our comprehensive liquidity risk management framework.
• The next day, Celsius posted to its blog a statement from Chief Financial Officer Bolger referencing Celsius’s “world-class risk management team.” 955 Finally, even when Celsius paused withdrawals, swaps, and transfers, on June 12, 2022, Celsius invoked its risk management framework, “[T]o adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this [pause] to take place.”9
• elsius frequently stated that Celsius returned up to 80% of its profits to its customers. This concept was regularly referenced and became a mantra—in customer marketing emails,961 AMAs,962 tweets,963 and by Celsius employees who were trained to repeat this message to customers during customer interactions.
• For example, on March 19, 2019, Celsius posted to Twitter, “Our model is simple, we give 80% back to the community. Banks keep 80% to themselves. It’s not like there is a complicated algorithm that nobody knows about.
• on September 19, 2019, Celsius replied to a tweet explaining, “Our rates are funded by our own revenue - 80% of our total revenue goes back to our depositors as weekly interest income payments. Your bank could pay you the same rates, they just prefer to keep the profits for themselves.
• Despite these statements, the Examiner found no evidence that Celsius, at any point in time, set its reward rate based on its revenues
• In response to regulatory inquiries in June and July 2021, Celsius described its rate-setting process as involving a multitude of factors, but indicated that “a customer’s return is not determined by reference (or linked) to Celsius’s generation of revenues from cryptoassets received from customers.”
• elsius stated that its “[reward] rates are not subject or tied to the future performance of the Company” and that Mr. Mashinsky’s repeated assertions otherwise were not to be taken literally but simply reflected Celsius’s “philosophical intent.”971 Mr. Mashinsky told the Examiner that Celsius’s business model was “never 80/20 . . . sometimes it was 70 or 90%, because you don’t control it.”
• Celsius consistently represented to its current and prospective customers that crypto assets belonged to its customers, not Celsius.
• In a since-deleted August 2019 blog post, Ms. Urata-Thompson explained that Celsius was “not a bank and we do not take or hold deposits. We do, however, work with trusted third-party custodians who agree to hold your coins on your behalf.”977 In a November 26, 2019 AMA, Mr. Mashinsky stated, “These are your coins, not our coins. Whatever you put in, if you put in one Bitcoin, you will be withdrawing one Bitcoin . . . It’s always your Bitcoin. Always your Ether. Always your CEL Token.”978 Yet, in his interview with the Examiner Mr. Mashinsky stated that “100% of the actions are our actions, [the customer] can’t take any action [themselves] on the platform.”9
• On February 10, 2020, Aliza Landes, then Vice President of Retail Lending, described taking a retail loan as “you’re not going into debt, you’re just borrowing against something you own.”
• On July 24, 2020, Mr. Mashinsky repeated this theme: “[W]hen you give us bitcoin it's not like it’s ours, right? It’s yours legally. It is still your bitcoin. The only thing we do is when you lend us your bitcoin, we lend them to people who pay us interest. When they return them, it goes back to the wallet and it’s still yours from that wallet.”981 On March 25, 2021, Mr. Mashinsky, posted on Twitter, in reply to a Twitter user who asked what would happen to their coins in the event of Celsius’s bankruptcy,982 that “all coins are returned to their owners even in the case of bankruptcy.”
• Celsius’s frequent representations that a customer retained ownership of assets deposited with Celsius were in tension with its Terms of Use beginning in March 2020. From March 2020 through September 29, 2020, the Terms of Use stated that
  • the customer grant[s] Celsius the right . . . to hold the Digital Assets available in your account in Celsius’ name or in another name, and to pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Digital Assets, separately or together with other property, with all attendant rights of ownership.98
• eginning with the Terms of Use dated September 30, 2020, and continuing through the Terms of Use dated April 13, 2022, the pertinent language was modified to state that the customer
  • grant[s] . . . all right and title to such Digital Assets, including ownership rights, and the right, without further notice to you, to hold such Digital Assets in Celsius’ own virtual wallet or elsewhere, and to pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use any amount of such Digital Assets, separately or together with other property, with all attendant rights of ownership.989
• The Court recently held that customers transferred ownership of their coins to Celsius by agreeing to these Terms of Use.
• Mr. Mashinsky told the Examiner that he did not believe he had ever read any version of the Terms of Use, though he acknowledged that he “probably should have.”991 He said that he asked his team to draft the terms of use to make clear that Celsius’s “ethos was to represent the best interests of the customers.”
• Despite Celsius’s emphasis on its “next-level transparency,”997 AMAs and tweets frequently included statements by Mr. Mashinsky and others that were inaccurate and misleading. Celsius made efforts to later edit some of the inaccurate information out of the recorded AMA videos. Celsius, however, made no effort to retract or otherwise correct any inaccurate or misleading statements made during AMAs viewed live or before any edits were implemented
• Beginning in May 2021 and continuing through the last AMA in June 2022, Celsius attempted to contain the risks associated with inaccurate and misleading statements
• On May 1, 2021, Mr. Sunada-Wong wrote in an email:
  • I think the [A]pril 30th [2021] AMA video needs to be removed until changes have been made[.] 33rd minute: Alex says: ”I think the community wants to know how much risk is [C]elsius taking when we lend out to all of these borrowers of crypto . . .” Kal answers. ‘the majority of our loans, almost 100 percent of them are fully [collateralized] . . . .1
• Mr. Sunada-Wong instructed Mr. McCarthy and Bethany Davis, then Chief of Staff to Mr. Mashinsky, to delete specific statements from the May 14, 2021 AMA. Mr. Sunada-Wong wrote, “It is crucial to [ ] delete this section of the AMA AND [ ] remove the curated video explanation from EVERYPLACE on the internet,” referring to the statement,
  • When you transfer your assets to your Celsius wallet you’ve instantly start[ed] generating rewards that are paid out every Monday. These rewards compound causing your returns to stack and snowball over time. Celsius is able to achieve this by lending out the community’s assets to vetted financial institutions. These loans are collateralized. This means the institutions give Celsius assets or dollars to hold onto before we give out the digital assets. This protects the community and keeps them whole.”1010
• The following week, the AMAs began to include a disclaimer at the end of each video:
  • all opinions expressed by Alex Mashinsky and other participants . . . on this website and the videos are solely such Speakers’ opinions and do not reflect the opinions of Celsius . . . You should not treat any opinion expressed by Speakers as any legal, tax, or financial advice, or otherwise an inducement to make an investment or follow a particular strategy.
  • The concern about inaccurate statements during livestreamed AMAs continued to grow amongst certain employees. In March 2022, Celsius Head of Intelligence and Credit Officer Peter Graham wrote to Mr. Sunada-Wong, “Issues are material misstatements on AMA, Twitter Spaces, potentially interviews.” He continued, “I believe that regulatory has underestimated the risk of these [public] forums to Celsius.”1023 Graham added:
    • With respect to misrepresentations, this is defined under federal securities law as: Statements are material if reasonable investors would consider truthful disclosure of the information significant in making their investment decisions. Scienter is established where representation or opinions are given without basis and in reckless disregard of their truth or falsity.1024
• Mr. Graham explained in his March 15, 2022 email that Celsius “cannot edit” the Twitter Spaces. Unlike livestreamed Celsius-hosted AMAs posted to Celsius’s YouTube channel, Twitter Spaces AMAs were hosted by third parties. Mr. Graham went on to list “a selection of recent misrepresentations made by Alex and other Celsius reps on Twitter Spaces AMAs,” including:1
  • We Don’t Use Leverage (Alex) . . . And Celsius doesn’t have any leverage, right? I mean, we, we have a little bit of leverage, because we sometimes lend out the collateral we get from third parties. So it’s maybe again, instead of 1.0, it’s 1.2 or something like that.1026
  • You can use rewards explorer to prove that what we give you actually came from third parties and that’s what is part of our proof of community effort to show you that Celsius does not rely on subsidies or does not kind of try to create some kind of monkey business where stuff comes from other investors.
• In the weeks that followed, Mr. Graham continued to circulate detailed lists of inaccurate and misleading statements that needed to be removed from posted videos to various departments, including Regulatory, Risk Team, and Marketing
• In April 2022, Mr. Cohen-Pavon asked Mr. Sunada-Wong and others, in response to a lengthy list of statements that needed to be removed from the April 8, 2022 AMA: “Don’t you think we should have Alex on this thread? Maybe it will make him more aware of the do’s and don’ts.”1029 Mr. Sunada-Wong replied:
  • Maybe we send an email to him and cc a very limited number of others where we say ‘FYI Alex, we removed the following items . . .’ I think this would feel more ‘private’ for Alex . . . I have at times mentioned to him in our one on one’s about avoiding certain statements e.g. don’t say we take no leverage, whereas banks are leveraged 50 times. (Last year, I provided him data that showed both banks and Celsius were ~10-20x. Fortunately, nowadays he says banks are 10-20, not 50x, but even as recently as March he said we have 1.0-1.2 leverage.).
• Mr. Cohen-Pavon agreed, adding, “I think we all agree on the necessity of fixing it and not only by editing (especially since it’s live and there are cases we are unable to edit, like twitter space and 3rd party interviews).”1031 Mr. Graham was tasked with creating a summary for Mr. Mashinsky of AMA statements that needed to be removed after each livestream. Mr. Graham told Mr. Sunada-Wong t he “inquired to see if this could fit into the AMA prep process but from what I can tell it’s pretty unstructured and last-minute."
• In April and May 2022, Mr. Graham continued to identify inaccurate statements during livestreamed AMAs that needed to be removed from the posted videos, including:
  • Alex states that market downturns and CEL losing value does not impact Celsius. This is not true, please remove.
  • Alex says that almost 2mm users have earned yield with us; while we have 1.8mm registered users, my understanding is that many of these have not transferred assets and therefore would not have earned yield. Please remove.
  • Alex says that it’s [business as usual] at Celsius and that we are unaffected by a downturn, this is incorrect, please remove.
  • Alex insinuates that our operations are the same with [$2 billion] assets or [$20 billion], this is incorrect, please remove.
  • Alex says that on Tuesday everyone will have swaps. Because Celsius cannot provide custody in several jurisdictions, and custody is required for swaps, we will not be providing swaps to everyone. Please remove.
  • Zach [Wildes; Celsius’s then AMA Co-Host] says that we do not have directional positions. This is untrue and misrepresents material risk factors associated with yield accounts, please remove.
  • Celsius’s former Risk Team employees acknowledged to the Examiner that monitoring the AMAs during the livestream and removing inaccurate and misleading content was not ideal. For example, Head of Liquidity Risk and Analytics Infrastructure Maglic said the Risk Team faced a “dilemma”—on the one hand, they “did not want inaccurate information to go out to people, so they would request things be edited out of there.”1039 On the other hand, Mr. Maglic said, “it would be better if [Mashinsky] didn’t make the statement to begin with.”1

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• 11% OFF: Use Coupon "FEB23"
• Autobuy Shop Link: Click Here to Buy
• Our Goal: To provide Reliable, Trusted yet Cheap & Customer Friendly Services
• What We Offer:

1. Best & Friendly Customer Support - We are here for our customers all the time.
2. Cheapest prices on the market But yet Reliable products
3. Long Warranty, Mostly all of our products have 180 days long warranty, some products even have Lifetime warranty so that you don't have to worry about your purchases.

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Gamming

Fifa 22 - Standard (PC - Origin) - @ 10$ @Lifetime Fifa 23 - Standard (PC - Origin) - @ 15$ @Lifetime (Comming Soon) 

Food

Buffalo Wild Wings 3-4k Poins @ 6.5$ - @ 12 Hours Buffalo Wild Wings 4-5k Poins @ 9.5$ - @ 12 Hours Buffalo Wild Wings 5-6k Poins @ 11$ - @ 12 Hours Buffalo Wild Wings 6-7k Poins @ 13$ - @ 12 Hours 

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Avast Premium Antivirus @ 5.99$ @ 6 Months Avast Cleanup Premium @ 5.99$ @ 6 Months Apowersoft Mirror @ 5.99$ @ 30 Days 

MS Windows / Office

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Meditation

Headspace @ 5.99$ @ Lifetime Gaia Premium @ 5$ @ Lifetime 

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1. Pay.Pal 2. Pay..Pal F&F 3. Bit.coin (BTC) 4. Lite.coin (LTC) 5. Bit.coin Cash (BCH) 6. ETH 

• Average Download Speed: 95.7 Mb/s
• Average Upload Speed: 9.59 Mb/s
• Average Test Latency: 53.5 ms
• Average Ping Latency: 68.0 ms
• Uptime: 98.3%

SpeedFlux

• Build 22623.1250 = New features rolling out.
• Build 22621.1250 = New features off by default.

Changes and Improvements in 22621.1250 & 22623.1250

[Search on the Taskbar]

• We are adding a new policy for IT administrators to manage how the search box on the taskbar appears in their organizations. See this blog post for details.

Fixes in Build 22623.1250

[Task Manager]

• Typing F in the search box should work again now.
• Fixed an issue where Narrator wasn’t reading out some of the text in dialogs.
• Dragging the window using the search box area should work now (like other areas of the title bar).
• If you do a search and then press the down arrow, keyboard focus should now move from the search box into the results.
• Fixed an issue where ending processes in the Details tab wasn’t showing a confirmation dialog.
• Increasing the text scaling should no longer result in a “see more” button appearing with no contents.
• Fixed an issue where focus might not get set properly to search, leading to Narrator not saying that focus was on the search box.
• If you have a contrast theme enabled and select one of the rows in the Processes page, that row should now show that it’s selected.

[Search on the Taskbar]

• Fixed an issue where the search box would randomly disappear sometimes when you clicked it (leaving a blank space on the taskbar).
• Fixed an issue where the search box was shifting to the side slightly when you clicked it.
• If you have the taskbar set to auto-hide and press the Windows key and start typing, the taskbar should no longer unexpectedly hide.

About the Beta Channel

Important Insider Links

• Want to learn how we made Windows 11? Check out our Inside Windows 11 website to hear and meet our makers from Engineering, Design and Research to share their insights and unique perspectives throughout this journey.
• You can check out our Windows Insider Program documentation here.
• Check out Flight Hub for a complete look at what build is in which Insider channel.

• 2022 Trek Fuel EX Carbon Frameset Gen 5
• Fox Performance Elite 36, Float EVOL air spring, GRIP 2damper, tapered steerer, 44mm offset, Boost110, 15mm Kabolt axle, 150mm travel
  SHOCK * Fox Factory Kashima Coat Float EVOL, RE:aktiv with Thru Shaft 3-position damper, tuned by Trek Suspension Lab, 210mm x 55mm
  
• SRAM GX drive train and upgraded new X01 chain
  
• Bontrager Line Comp everything else.