Celsius returns as Ionic, ‘$20’ shares now worth $0
Celsius, the fraudulent company that advertised ultra-high interest rates on crypto deposits, has emerged from bankruptcy and is operating again. Under its new name, Ionic Digital, the Celsius 2.0 relaunch is going even worse than anyone could have imagined. Although founder Alex Mashinsky is out of the company and awaiting his prison sentence, a new team of directors has been installed and have paid themselves lavish compensation packages worth $420,000 annually to operate the only business that remains in the resuscitated Celsius: mining. That compensation package speaks for itself. Indeed, only 12 other companies in the S&P 500 index pay their directors more than Ionic. However, even these incredible pay rates haven’t been enough to retain talent. Since Ionic revived Celsius’ mining business — its lending and interest-bearing businesses no longer operate — Ionic has lost two CEOs, two CFOs, a chief legal officer, and seven directors. Worse, the ...