David Gerard and I just posted another update on the crypto crash. This one is on his blog, so head on over there and check it out!
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In our latest episode of the CeFi/DeFi apocalypse, Celsius filed for Chapter 11 bankruptcy. In the filings presented, the firm has a $1.2 billion hole in its balance sheet. Celsius’ liabilities are real — but its assets are fake.
Meanwhile, Celsius founders have already made a fortune selling their CEL tokens.
We’re sure it’s all fine though. They probably just need to issue a new token to fix the problem.