The lawsuit accuses the ex-CEO of the cryptocurrency lender of making many false claims about the number of Celsius users, its strategies to recruit investors and the nature of what it was investing in, saying its money went to safe, low-risk investments with reliable businesses. The suit also accused him of incorrectly asserting that Celsius had been safer than a bank, despite being able to operate without the typical regulatory safeguards that go with banking in the U.S.

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