Celsius co-founder Goldstein reaches a settlement with the FTC

Deep Tide TechFlow update: On July 21, according to Cointelegraph, Celsius Network co-founder Hanoch “Nuke” Goldstein has reached a settlement with the U.S. Federal Trade Commission (FTC), agreeing to pay $2.4 million to resolve the related allegations. The FTC alleged that Goldstein and other executives made false promises to users about the safety of deposits and the ability to withdraw at any time, and claimed that the platform had $750 million in insurance coverage and that its Earn program offered up to an 18% annualized return.

Under the settlement terms, Goldstein was also banned from marketing or selling retail products or services that could be used to buy, sell, store, or trade cryptocurrencies. This settlement is part of the FTC’s series of actions against Celsius’s three co-founders, with the three together required to pay $16.5 million.