Celsius' incredible demise left customers billions out of pocket, and Chapter 11 bankruptcy proceedings have been highly acrimonious, with accusations of financial mishandling being levelled against former chief executive Alex Mashinsky. Iovine's name has largely been excluded from the furore around Celsius' collapse, and he only held the position at Celsius between February and September of this year. Secondly, JPMorgan head Jamie Dimon has been outspoken against the cryptocurrencies, labelling them "decentralised ponzi schemes" before congress in September. "I'm a major skeptic on crypto tokens, which you call currency, like Bitcoin ," Dimon said in his September testimony. While Dimon's view is a debatable one, Celsius Network was operated like a Ponzi scheme and is being investigated as such, so Iovine's hire comes as a surprise. However, the true extent of Iovine's involvement in Celsius' collapse is not clear.