Bankrupt crypto lender Celsius beneath the Microscope from an unbiased examiner And we're getting new particulars on how Celsius Network misled its patrons and Even now and again using new purchaser Funds to pay for various prospects Withdrawals I imagine that's a large No-No We're going to talk about that and additional What do you suppose Wendy Celsius what's occurring So with this constituted as a Ponzi Scheme then Some would say that that meets the Definitional Contours of a Ponzi nevertheless hey I'll depart That I'll depart that to those Yeah so that's the first thought that Comes to ideas second thought is it's Just truly unfortunate that we proceed To see points like this happen due to Lack of readability from governing our our bodies And as soon as extra I actually really feel like one factor like This truly truly truly could have Been averted if we would have gotten Some readability from the SEC the cftc and Any sort of entity that sort of has Their fingers in crypto nevertheless isn't and Hopefully we do get some sort of Regulation that comes out to stop this I Know that they do have to Institute authorized tips That make these crypto exchanges have One-to-one property Bachelor once more some Sort of FDIC insurance coverage protection which I'd Actually suppose is fantastic nevertheless as soon as extra it's
Just truly irritating to see this case Kind of go on so prolonged I actually really feel like Voyagers made rather more progress in Celsius I might presumably be mistaken on that Jen What are your concepts Every time I be taught it day-after-day I be taught a Story on this current and I actually really feel like I'm Having Deja Vu I be taught this story and the Similarities between what we're discovering Out from FTX now we're discovering out from The Independent investigation with Celsius are in order that comparable the Misappropriation of purchaser funds and I Think the one issue we're in a position to research from Both of these tales is that if of us Who you is likely to be working with know you is likely to be Doing unhealthy points they will not converse as Long as a result of it benefits them after which when It all comes falling down you're gonna Have tons of people that is conscious of you're Doing unhealthy points who're going to speak To the media and to regulators and some Of these of us had been speaking throughout the Story saying that manner again to 2020 Celsius was performing some dodgy stuff to Prop up their token and Um I I assume make their authorities group a Little bit wealthier than they actually Were I pulled this quote um from the Investigator throughout the article he acknowledged in Every key respect from how Celsius Described its contract with its Customers to the hazards it took with
Their crypto property how Celsius ran its Business differed significantly from What Celsius instructed its prospects I actually really feel Like these phrases they weren't exactly Said by John J Ray III who's coping with The FTX chapter nevertheless comparable phrases Were acknowledged there and it's merely upsetting Wendy I fully agree with you I imagine These centralized exchanges who're Dealing with purchaser funds and in a Very very centralized and public methodology Need to be regulated and it have to be Um excessive of Mind excessive of the itemizing for Regulators as an alternative of them sort of merely Saying you perceive these of us ought to be Regulated nevertheless we're not exactly going to Do one thing about it and it's a shock What we're gonna do subsequent Christy what do You suppose Foreign And my uh Mantra that merely cannot you Know is on a gentle ear earworm Loop Is the complete not your keys not your Coins not your keys not your money why Why why do of us put their money in Platforms which may be so poorly uh Regulated throughout the first place however as well as It's merely not the crypto methodology it's meant To be a self-sovereign methodology of holding And and controlling your particular person your particular person Future and your particular person uh fortune and I Kept these these platforms When they first obtained right here out and I merely Couldn't I couldn't half with my Bitcoin
To give it to them I couldn't I couldn't Do it I'm like no I don't know who you Are I don't perception you and I've no Reason to share my keys with you I'll Just sit up for amount to go up thanks All kindly that is the funding in my Mind so Zach you are a principal earlier Bitcoiner my buddy many people they see That sweet sweet yield and to allow them to't Resist the Bitcoin is not going to be doing one thing For them so maybe they supply it to a Centralized lender and get seven eight Ten % yield once more on that and That's been a product that was Attractive to many many people and loads of Many of us have subsequently been Burned I merely have to shout out Nate DiCamillo former coin desk reporter who Did a ton of affection investigating on Celsius once more in 2020 among the many time Frame that's talked about proper right here on this Independent examiner report courting once more To the summer season season of 2020 Nate uh no matter Much crying of fud from the Celsius group That this was someway a hit piece Unearthed a complete lot of the practices that Were later revealed to be true that's Rehypothecation that's totally different points The Lending the borrowing all this stuff That um was in the long run sort of swept Under the rug subsequent to those Investigations nevertheless Nate I imagine to his Credit was on the story early so I merely Want to shout him out for the work that
He did methodology once more in July 2020 truly Crazy to see all these particulars come to Light throughout the wake of some of those Implosions nevertheless yeah any ultimate concepts on This one's Jen Yeah I was merely going to answer to what Christy was saying Christy I imagine the Reason of us put their money into these Platforms is as a result of promoting Crypto is horrifying and it is arduous for individuals who Don't know what you're doing and likewise you see Tom Brady you see all sorts of like Flashy advertisements on the Super Bowl And you suppose successfully you perceive I perception These of us and these of us perception These totally different of us and so I'm gonna put My money there on account of they've put their Money there they usually're rich and so I Think that this generally is a good Um time to tell of us to do Their private evaluation similar to you do all The time Christy and by no means think about Everything you say and celebrities don't Have your once more these are my final phrases But Wendy I imagine you had your hand up Really quick I have to say Are banks any Better I actually really feel like there if truly there was An exact monetary establishment run of us would not get Their money