By June 2021, one-third of Celsius's institutional loan portfolio was completely unsecured, and more than half were undercollateralized, according to a report released by Celsius bankruptcy independent examiner Shoba Pillay. Celsius also identified $800 million in losses in 2021 from investments in Grayscale, KeyFi, Stakehound and Equities First Holdings, but did not report those losses to clients when they occurred. Celsius also purchased Celsius’ native token, CEL, using customers’ Bitcoin and Ethereum, and inflated the price of CEL by selling CEL in an over-the-counter trade and buying it back in the open market. According to the report, Celsius’s founder and CEO, Mashinsky, made at least $68.7 million from the sale of CEL tokens from 2018 until the company’s collapse. In addition, Celsius is using customer assets to purchase tokens to pay off debts to other customers, and at some point in June 2022 to use new customer deposits to support withdrawals from existing customers.