Celsius has found themselves in the middle of another yield harvesting trade that is turning south.
Growing risk of large losses and potential insolvency.
Get your coins out of "HODL Mode" and into your own custody. Not a drill.
Growing risk of large losses and potential insolvency.
Get your coins out of "HODL Mode" and into your own custody. Not a drill.
I am not trying to harm a business nor spark fear, but I feel obligated to use my platform to speak up when there is potential for people to sustain large losses due to risks that they didn't know they were taking.
The yield users receive for keeping assets on the Celsius platform is NOT sufficient enough to compensate for the tail risk of insolvency/collapse. Withdraw!
I spread a similar message during the collapse of LUNA and was ridiculed for fear mongering.
I spread a similar message during the collapse of LUNA and was ridiculed for fear mongering.
Celsius is a massive holder of stETH (Liquid staked ETH using Lido) to earn yield on their ETH waiting on the merge to PoS.
However staked ETH cannot be unstaked, so there are secondary markets to trade stETH<>ETH.
The peg is currently breaking.
However staked ETH cannot be unstaked, so there are secondary markets to trade stETH<>ETH.
The peg is currently breaking.
$CEL -27% today.
This is what a rush for liquidity in an illiquid market looks like.
-96% from ATH and going lower
This is what a rush for liquidity in an illiquid market looks like.
-96% from ATH and going lower
๐๐
Celsius has reportedly halted withdrawals and transfers from its platform.
I did my best to help educate people about the risks.
If only there were signsโฆ
๐ซ ๐ซ ๐ซ
I was called fraudulent for highlighting risks.
17k wBTC owned by Celsius to be liquidated at 20.27k.
Disastrous leverage unwind underway.
Disastrous leverage unwind underway.
Putting together a writeup today covering the Celsius situation for everyone to see. Subscribe to see it first.
๐๐๐
bmpro.substack.com
๐๐๐
bmpro.substack.com
Fresh off the press. bmpro.substack.com
BlockFi.
You know the drill.
You know the drill.
Crypto yield products are not safe.
Not yesterday, not today, and not tomorrow.
Not yesterday, not today, and not tomorrow.
Anyone know why the firm raised a down round at a $1b valuation after being valued at $3b in 2021?
Cold storage is your friend.
Cold storage is your friend.
Speculation here, but in its quarterly report, Voyager had loaned $320m to a singapore based entity named "counterparty b".
One has to wonder whether "counterparty b" was 3AC and if so, how much of a hit Voyager took?
$VOYG shares are down 33% over the last two days...
One has to wonder whether "counterparty b" was 3AC and if so, how much of a hit Voyager took?
$VOYG shares are down 33% over the last two days...
Down goes Babel Finance.
Huge Asian crypto lender suspends withdrawals. The dominos keep falling.
theblock.co
Huge Asian crypto lender suspends withdrawals. The dominos keep falling.
theblock.co
well well well
Another domino.
Adding to original thread chain for posterity.
Voyager is insolvent.
Voyager is insolvent.
Voyager Digital -61.88%
$VOYG
$VOYG
Voyager has lowered daily withdrawal limit to 10k.
Donโt know how much louder I couldโve yelled from the rooftopsโฆ
Not your keys, not your coins.
Donโt know how much louder I couldโve yelled from the rooftopsโฆ
Not your keys, not your coins.
Myself and @samjrule have put together a PDF report on the CONTAGION in the crypto space over the last six weeks.
The report does a great job explaining the contributing factors leading to the unwind.
Dropping tonight!
BitcoinMagazinePro.com
The report does a great job explaining the contributing factors leading to the unwind.
Dropping tonight!
BitcoinMagazinePro.com
BlockFi acquired for $25m after raising for $5b in 2021.
Wow.
Wow.
I wonโt lie, when I started this thread, I did not think *every* major lending firm would be pushed to the brink of insolvency.
A daisy chain of counterparty risk that hit every big player in the industry.
Unreal.
A daisy chain of counterparty risk that hit every big player in the industry.
Unreal.
- LUNA/UST
- Celsius
- 3AC
- Babel
- Voyager
- BlockFi
- Genesis (large losses)
Now the mining industry will have their HODL strategy leveraged with debt tested.
- Celsius
- 3AC
- Babel
- Voyager
- BlockFi
- Genesis (large losses)
Now the mining industry will have their HODL strategy leveraged with debt tested.
Another one.
Voyager has halted all withdrawals from the platform.
I warned about Voyager on 6/16 (scroll up).
Voyager has halted all withdrawals from the platform.
I warned about Voyager on 6/16 (scroll up).
For posterity:
Celsius has filed for Chapter 11 bankruptcy.
Celsius has filed for Chapter 11 bankruptcy.
Adding to the mega-thread for posterity.
Alameda & FTX are insolvent.
Alameda & FTX are insolvent.
*sigh* adding to the mega thread.
BlockFi has paused withdrawals.
Solvency status unknown, but (obviously) deeply in question.
BlockFi has paused withdrawals.
Solvency status unknown, but (obviously) deeply in question.
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