The Celsius Defi Ponzi scheme appears to be collapsing in a bank run. (Bad for butters, but also Canada’s second largest pension fund invested millions into it last year. )

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by DontMicrowaveCats

Celsius is yet another Defi ponzi scheme lending program. Put in your stablecoins, get a high return indefinitely like a perpetual money machine. They offer up to 18% returns on tokens. celsius.network/earn

Sometime around the Terra/Luna collapse a wave of liquidations begun. They’ve apparently already lost of billions of dollars, but still has more than $11 billion worth of assets in the system (according to them at least)
www.barrons.com/articles/celsius-cryptocurrency-investors-losses-51652906401

The CEL token is completely collapsing … more than 25% just overnight. www.coingecko.com/en/coins/celsius-network-token

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Last year, a big pension fund in Canada made a major investment into Celsius in a $400mm funding round. www.ft.com/content/30854926-f9ca-4352-b17e-7e464b6a3a3d=

Shortly after, the CFO was allegedly under investigation for Fraud/Money Laundering/other financial crimes. www.theglobeandmail.com/business/article-celsius-network-cfo-under-investigation-by-israeli-police-weeks-after/

It’s already banned in Kentucky: www.bloomberg.com/news/articles/2021-09-23/kentucky-hits-crypto-lender-celsius-with-cease-and-desist-order

Good for Bitcoin tho.

 

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