The 2022 bitcoin winter will be about the collapse of DeFi

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People were warned. Cory Klippsten vindicated.

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I had never even heard of this Celsius thing.

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Same, always hearing about shitcoin stuff first on the day they collapse 😂😂

Who is DoKwan? What is Celsius? Terra what? 😂😂

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Every exchange is going to be suspect, regardless of how well they are run or how "un-celsius" their practices. I got into bitcoin late and felt, like many, that I missed the boat for getting a substantial stack. Well, here's our chance if we have the nerve.

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Ouch, that's going to hurt, they sure are unbanking people once you have no money you wont need a bank, people need to learn chasing yield is a shitcoin gimmick and even bitcoin on these platforms are taking shitcoiner risk

Its sad that people have to continue to learn these lessons but I guess its all part of the journey

I see Nexo have offered to buy their books, wonder how thats going to go down

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20 sats \ 0 replies \ @jp 13 Jun

In the event you're confused: https://twitter.com/SmallCapScience/status/1535097594187087872

Celsius Wallet: https://zapper.fi/account/0x8aceab8167c80cb8b3de7fa6228b889bb1130ee8?tab=dashboard

As of 1:20am EST, wallet holds $634M AUM with 83% of it in a stETH liquidity pool (currently undergoing a depeg from ETH) and $550M of debt.

If a run on CN continues, a bunch of people are going to get rekt.

JFC, stop chasing bullshit yield.

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20 sats \ 0 replies \ @Ncsp 13 Jun

Dissapointing. Their motto is literally "Unbank yourself" and its supposed to be DeFi. This is not supposed to be happening.

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There are more comments on this insolvency by Celsius in another post, here on SN:

April 2022: Celsius Holds 150,000+ BTC. June 2022: Celsius Withdrawals Frozen. https://stacker.news/items/35950

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We have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.

There is a lot of work ahead as we consider various options, this process will take time, and there may be delays.

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