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The company extended hundreds of millions of dollars in uncollateralized loans, and invested hundreds of millions more in unregulated decentralized finance platforms, the lawsuit said.

“In search of revenue, Celsius moved into significantly riskier investments, extending hundreds of millions of dollars in uncollateralized loans, and investing hundreds of millions of dollars in unregulated decentralized finance platforms,” the lawsuit said.

He estimated uncollateralized lending across the industry was "probably in the hundreds of billions of dollars".

Most of the 11 lenders interviewed by Reuters said they would still provide uncollateralized loans, though they did not specify how much of their loan book this would be.

Payday lenders provide short-term, uncollateralized loans that typically range from $100 to $500 per loan.