Rocket ICO Giving you a better way to make your decisions and enjoy the process of ICO backing

  • Lydian ICO
  • Markets
Latest News
  • 60% of institutional investors bullish on Ethereum in 2023   |   27 Jan 2023

  • FTM price up 52% in 7 days   |   27 Jan 2023

  • Coinbase fined for operating in the Netherlands: here’s why   |   27 Jan 2023

  • DeFi protocol Aave to deploy V3 upgrade on Ethereum   |   26 Jan 2023

  • Coinbase fined €3.3M by the Dutch central bank   |   26 Jan 2023

  • Aptos rallies 400% to hit all-time high: What next for APT?   |   26 Jan 2023

 
Home» Markets»Celsius’ bankruptcy is not surprising, Tezos co-founder says

Celsius’ bankruptcy is not surprising, Tezos co-founder says

rocketman 15 Jul 2022 Markets Comments Off on Celsius’ bankruptcy is not surprising, Tezos co-founder says 96 Views

Kathleen Breitman, cofounder of Tezos says that the eventual bankruptcy filing by Celsius Network, a troubled crypto lender, is not surprising.

Breitman, commenting on the unfortunate turmoil that’s threatening to suck any pending warmth from an already cold crypto winter, said the lender’s trajectory towards trouble was inevitable.

Celsius was the winner

According to Tezos’ co-founder, the business model was suspect, with a high yield for investors, and the crypto price crash that spelled doom for Celsius.

The end was near for crypto hedge fund Three Arrows Capital, which filed for bankruptcy. Voyager Digital followed suit.

In its June filing, the lender indicated that total liabilities stood at $5.5 billion with more than $4.7 billion owed by users. The balance sheet has a $1.2 million hole because of the $4.3 billion in total assets.

#Celsius It is missing $1,190,000,000 @Mashinsky destroyed everyone. You lost all your money to him and his schemes because you ignored my pleas to save you. pic.twitter.com/Z7BjoqkzJ8

— Richard Heart (@RichardHeartWin) July 15, 2022

Celsius was subject to a class-action lawsuit by an ex employee before the bankruptcy filing. According to the lawsuit, the crypto lender was accused of not following risk management procedures and manipulating the market by artificially increasing the CEL price, its native token.

Celsius claims that Celsius operated more like an Ponzi scheme and used customer deposits to maintain withdrawals before it was brought to a halt.

These are the signs that a company is doomed to failure.

“For those of us who’ve been in this industry for quite some time, it’s completely unsurprising that something like Celsius would go bankrupt,” she told Bloomberg Technology.

She added that this outcome was likely “because economics does have laws that transcend the word blockchain.” The unfolding, she explained, is a “shakeout” of what wouldn’t just work – especially for businesses that staked their future on “the theory that numbers will always go up.”

bankruptcy Celsius cofounder surprising Tezos 2022-07-15
Tags bankruptcy Celsius cofounder surprising Tezos
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : rocketman
Previous Article :

Open DeFi Notification Protocol integration a big relief for Alpaca Finance users

Next Article :

CoinFLEX announces resumption of withdrawals

Related Articles

60% of institutional investors bullish on Ethereum in 2023

60% of institutional investors bullish on Ethereum in 2023

rocketman 27 Jan 2023
FTM price up 52% in 7 days

FTM price up 52% in 7 days

rocketman 27 Jan 2023
Coinbase fined for operating in the Netherlands: here’s why

Coinbase fined for operating in the Netherlands: here’s why

rocketman 27 Jan 2023

ABOUT ME

lourari bra

lourari bra

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus pulvinar eros id diam gravida, id pharetra ligula cursus. Sed dapibus lectus augue, non volutpat lorem porttitor vel.

Popular Posts

60% of institutional investors bullish on Ethereum in 2023
Markets

60% of institutional investors bullish on Ethereum in 2023

rocketman 27 Jan 2023
Bitcoin Profit Review 2021: Is It a Scam Or Legit?
Reviews

Bitcoin Profit Review 2021: Is It a Scam Or Legit?

rocketman 22 Jul 2021
Yuan Pay Group review 2021 – Is it a Scam or Legit?
Reviews

Yuan Pay Group review 2021 – Is it a Scam or Legit?

rocketman 26 Jul 2021
Immediate Bitcoin Review: Does it work?
Reviews

Immediate Bitcoin Review: Does it work?

rocketman 27 Jul 2021
Bitcoin Era Review: Is this a scam?
Reviews

Bitcoin Era Review: Is this a scam?

rocketman 27 Jul 2021

Advertisement

Recent Posts

  • 60% of institutional investors bullish on Ethereum in 2023

    60% of institutional investors bullish on Ethereum in 2023

    rocketman 27 Jan 2023
  • FTM price up 52% in 7 days

    FTM price up 52% in 7 days

    rocketman 27 Jan 2023
  • Coinbase fined for operating in the Netherlands: here’s why

    Coinbase fined for operating in the Netherlands: here’s why

    rocketman 27 Jan 2023
  • DeFi protocol Aave to deploy V3 upgrade on Ethereum

    DeFi protocol Aave to deploy V3 upgrade on Ethereum

    rocketman 26 Jan 2023
  • Coinbase fined €3.3M by the Dutch central bank

    Coinbase fined €3.3M by the Dutch central bank

    rocketman 26 Jan 2023

htmagazine
About HTmagazine was created in 2015 , and covers the intersection of Technology, Lifestyle, Business, Entertainment, and Culture.

Follow us

Newslater

Those an equal point no years do. Depend warmth fat but her but played. Shy and subjects wondered

Random Posts

60% of institutional investors bullish on Ethereum in 2023

60% of institutional investors bullish on Ethereum in 2023

FTM price up 52% in 7 days

FTM price up 52% in 7 days

Coinbase fined for operating in the Netherlands: here’s why

Coinbase fined for operating in the Netherlands: here’s why

DeFi protocol Aave to deploy V3 upgrade on Ethereum

DeFi protocol Aave to deploy V3 upgrade on Ethereum

Coinbase fined €3.3M by the Dutch central bank

Coinbase fined €3.3M by the Dutch central bank

Tags

Binance Bitcoin BTC buy CEO crypto cryptos heres launches market places price today token top
© Copyright 2021, All Rights Reserved