Celsius Suspends CFO after His Arrest in Israel

Reportedly, Yaron Shalem, the Chief Financial Officer at Celsius, was among the seven people arrested in Tel Aviv this month. Following the arrest, Celsius announced recently that it has suspended the ‘involved employee’, and the arrest has nothing to do with his time or work at Celsius.

The latest arrest by the Israeli authorities was related to massive crypto fraud. In addition to Shalem, several other leading names, including crypto mogul Moshe Hogeg, were arrested during the same crackdown.

According to the reports, Shalem’s arrest is mainly related to his previous job at Singulariteam, where he served as Chief Financial Officer (CFO). Also, Hogeg was the Founder and Chairman of Singulariteam Ltd. While Celsius did not mention the exact name of the arrested employee, it has cleared that no company assets were misplaced or mishandled.

"We were recently made aware of a police investigation in Israel involving an employee. While this is in no way related to the employee’s time or work at Celsius, the employee was immediately suspended. We have also verified that no assets were misplaced or mishandled. We stand by our strong principles and policies adhering to the highest standards of professionalism, compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term and ethics. Celsius will continue to act in the best interest of our community, our customers and our employees,” Celsius Tweeted.

Crypto Crackdown?

Authorities in Israel have increased their efforts against the use of digital assets in illegal activities like money laundering. According to a recent report published by Calcalist, Hogeg was allegedly arrested for defrauding investors and money laundering through cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. Earlier in October, Israeli authorities captured 26 citizens in a massive crypto fraud bust.

Shalem joined Celsius this year after spending more than 3 years at Sogur Currency as a CFO. Furthermore, between 2014 and 2016, Shalem worked as the Chief Financial Officer at Mobli, a social photo and video sharing platform.