Canadian Pension Fund Loses $150 Million Due to investment in Celsius
Caisse de Depot et Placement du Quebec (CDPQ) invested $150 million in Celsius back in October 2021 as part of a $400 million funding round led by Westcap Investment Partners LLC, Bloomberg's Mathieu Dion reports.
"We understand that our investments in Celsius raise a number of questions.We also take this very seriously, and we will provide further comments on this case. Celsius is currently involved in a complex process that will take time to resolve," the pension fund said.
CPDQ's contribution reportedly increased Celsius's valuation by more than $3 billion in October, and Chagnon said his company was "making every effort to preserve our rights," without providing any further details about those efforts.
"A very small part."
However, he explained that part of the fund's portfolio was indeed invested in risky assets that had the possibility of high returns.
During the investment, CPDQ Chief Technology Officer Alexander Sinnet called Celsius "the world's leading crypto lender with a strong management team that puts transparency and customer protection at the core of its activities."
Accusations of a Ponzi scheme
Meanwhile, Celsius has a lawsuit accusing it of selling unregistered securities under a Ponzi-like scheme.
In early July, a former investment manager at Celsius Jason Stone has also filed a lawsuit allegedly alleging that his former employee was involved in manipulating the crypto market without taking basic accounting measures to protect customer deposits, as reported by Finbold.
https://coin-signal.com/cryptonews/canadian-pension-fund-loses-150-million-due-to-investment-in-celsius/
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