Celsius CFO Yaron Shalem Arrested in Israel

A blow to cryptocurrency startup Celsius, which had to suspend its chief financial officer, Yaron Shalem, who was arrested in Israel in connection with an Israeli police investigation into an alleged massive cryptocurrency fraud scheme.

On Twitter, the company said that it had suspended Yaron Shalem from his duties at the company, recalling that his arrest was not linked to Celsius but to charges he held in the past.
Celsius also verified that there were no irregularities regarding the assets managed by the company specialized in staking and lending of cryptocurrencies.

“We recently learned of a police investigation in Israel involving an employee. While it is not related in any way to the employee’s time or work at the Celsius Network, the employee was immediately suspended. We also verify that no assets have been lost or mismanaged.

We uphold our strong principles and policies by adhering to the highest standards of professionalism, compliance, and ethics. Celsius Network will continue to act in the best interest of our community, customers and employees. The company said on Twitter.

In Israel, seven people, including Yaron Shalem, have been arrested in an investigation that focuses on Moshe Hogeg, a well-known businessman and owner of the Beitar Jerusalem football club. Moshe Hogeg is suspected of 21 crimes, including money laundering, theft and fraud, as well as sexual assault …
Some may remember Sirin Labs’ blockchain smartphone project launched in 2016 by Moshe Hogeg that managed to raise $ 158 million through an ICO. A project that turned out to be more of a scam than anything else and that caught many investors who lost their invested money.

Police said the suspects had operated for a long period, “in a cooperative and systematic manner, while defrauding investors in a number of cryptocurrency projects.”
In the past, Yaron Shahem has served primarily as CFO of Singulariteam Ltd, a venture capital firm of which Moshe Hogeg was CEO.

In the context of this case, Authorities added that each suspect “pocketed millions of shekels while making false presentations to potential investors to invest in seemingly profitable companies.”

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Valued at more than $ 3 billion, Celsius just raised $ 400 million, will have to find a new CFO.

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