Canadian Pension Fund Loses $150 Million Due To Investment In Celsius

Canadian Pension Fund Loses $150 Million Due To Investment In Celsius

Canadian Pension Fund Loses $150 Million Due To Investment In Celsius

According to Bloomberg, Caisse de Depot et Placement du Quebec (CDPQ) invested $150 million in Celsius in October 2021 in a $400 million funding round led by Westcap Investment Partners LLC Mathieu Dion.

“We understand that our investment in Celsius raises a number of questions. We also take this very seriously and we will provide further comment on this matter. Celsius is currently involved in a complex process that will take time to resolve,” the pension fund said. 

In October, a CPDQ contribution reportedly boosted Celsius’s valuation by more than $3 billion, with Chanyon saying his company is “making every effort to preserve our rights,” without providing further details about those efforts.

“A tiny part.”

However, he explained that part of the fund’s portfolio was indeed invested in risky assets with the potential for high returns.

At the time of the investment, CPDQ Chief Technology Officer Alexander Sinnet called Celsius “a leading global crypto lender with a strong management team that puts transparency and customer protection at the core of its operations.”

Ponzi scheme allegations

Meanwhile, Celsius has a lawsuit accusing him of selling unregistered securities in a Ponzi-like scheme.

In early July, former Celsius investment manager Jason Stone also filed a lawsuit allegedly alleging that his former employee was involved in manipulating the crypto market without taking basic accounting measures to protect client deposits, according to Finbold.

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