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graph microstructuring detection, graph transaction laundering detection, graph trade-based money laundering detection, graph black market peso exchange detection, graph hawala detection, graph informal value transfer systems detection, graph underground banking detection, graph alternative remittance systems detection, graph mirror trading detection, graph round-tripping detection, graph tax avoidance detection, graph base erosion and profit shifting detection, graph transfer pricing manipulation detection, graph treaty shopping detection, graph shell companies detection, graph nominee arrangements detection, graph bearer shares detection, graph trusts detection, graph foundations detection, graph charities detection, graph NGOs detection, graph political organizations detection, graph lobbying detection, graph campaign finance detection, graph dark money detection, graph influence peddling detection, graph cronyism detection, graph nepotism detection, graph patronage detection, graph 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graph predatory pricing detection, graph price discrimination detection, graph dumping detection, graph resale price maintenance detection, graph territorial restrictions detection, graph customer restrictions detection, graph exclusive territories detection, graph exclusive customers detection, graph profit pass-over agreements detection, graph profit-sharing agreements detection, graph profit-pooling agreements detection, graph profit-splitting agreements detection, graph profit-allocation agreements detection, graph profit-transfer agreements detection, graph profit-shifting agreements detection, graph transfer mispricing detection, graph false invoicing detection, graph overinvoicing detection, graph underinvoicing detection, graph multiple invoicing detection, graph phantom shipments detection, graph false descriptions detection, graph false classifications detection, graph false valuations detection, graph false weights detection, graph false quantities detection, graph false qualities detection, graph false origins detection, graph false destinations detection, graph false routing detection, graph false transshipment detection, graph false documentation detection, graph false certification detection, graph false labeling detection, graph false branding detection, graph false packaging detection, graph false marking detection, graph false stamping detection, graph false sealing detection, graph false tagging detection, graph false coding detection, graph false numbering detection, graph false dating detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing 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What Happened to Celsius Network ?
Once hailed as a symbol of optimism for cryptocurrency investors, the Celsius Network (CEL ) eventually descended into a significant financial catastrophe. Initially heralded as a trailblazer in the decentralized finance (DeFi) movement, the crypto lending platform suffered a collapse in June 2022, sparking doubts about the future of digital currency. One year later, we reflect upon the unfolding events and contemplate the path that lies ahead for the crypto market.
With aspirations to emulate traditional banking while incorporating a cryptocurrency twist, the Celsius Network experienced a fleeting moment of triumph before encountering insurmountable obstacles. During its prime, the company boasted a user base of 1.7 million, managed assets valued at $11.7 billion, and facilitated loans surpassing $8 billion.
However, the turning point arrived on June 13, 2022, when Celsius Network, citing “extreme market conditions,” opted to freeze all customer accounts. This unexpected decision sent the prices of bitcoin (BTC ) and other cryptocurrencies spiraling downward, triggering a ripple effect throughout the market.
The financial state of Celsius appeared dire. Legal documents revealed that the company was burdened with a colossal debt of $1.2 billion, bearing liabilities amounting to $5.5 billion while possessing assets valued at a mere $4.3 billion.
The majority of the liabilities, specifically $4.7 billion, constituted customer holdings, compounding the challenges faced by Celsius Network. To exacerbate the situation, the company possessed a meager $170 million in cash to sustain its operations throughout the restructuring phase.
Now, let’s delve into what transpired and explore the current status of Celsius Network.
What is Celsius Network? Headquartered in Hoboken, New Jersey, with branches established in four countries, Celsius Network LLC emerged as a prominent global cryptocurrency lending company.
With aspirations to transform the financial industry, Celsius Network positioned itself as a key player in the realm of digital finance. The company sought to revolutionize the sector by advocating for decentralization and providing cryptocurrency holders with lucrative opportunities for high-yield investments.
Central to its operations was the Celsius wallet, which allowed users to deposit various cryptocurrencies such as BTC and ETH. Through this innovative platform, individuals could earn a percentage yield on their digital assets, capitalizing on the growth and potential of the cryptocurrency market.
Additionally, Celsius Network introduced a distinctive service wherein customers could secure loans by utilizing their cryptocurrencies as collateral. This approach enabled users to borrow funds while offering their digital assets as a form of security. As a result, a crypto-backed lending system was established, gaining popularity among investors in the dynamic and volatile crypto market.
Prime Trust and re-hypothecation in Celsius’s downfall In March 2020, Celsius entered into a partnership with Prime Trust, a crypto custodian, to safeguard a portion of its clients’ assets.
Regrettably, this collaboration came to an end in June 2021 when Prime Trust’s risk team expressed apprehensions regarding Celsius’s re-hypothecation strategy, leading to the termination of their association.
The said approach entailed lending the same assets repeatedly to enhance yields, a business model that Prime Trust’s founder, Scott Purcell, considered highly susceptible to abrupt market fluctuations and potentially devastating for the company.
By August 2022, Celsius initiated legal action against Prime Trust, alleging that the custodian had withheld assets valued at $17 million subsequent to the termination of their partnership.
Denying the crisis and public perception During the second quarter of 2022, Celsius emerged as a prominent player in the crypto lending industry, boasting an impressive $12 billion in assets under management and a substantial client base of 1.7 million.
However, speculations began to circulate regarding potential mismanagement of investments and an impending liquidity crisis, allegations that the company vehemently refuted as false information.
In an effort to allay these rumors, CEO Alex Mashinsky took to his weekly YouTube sessions, publicly reassuring customers about the accessibility and safety of their funds.
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The domino effect: market impact and internal changes In an effort to stabilize operations, on June 13, 2022, Celsius took a drastic measure by freezing all customer withdrawals, citing “extreme market conditions” as the reason behind this decision.
The announcement had a significant impact, causing a substantial decline in the prices of bitcoin, ethereum, and Celsius’s own CEL token, which experienced a depreciation of one-third of its value.
This incident marked a significant event as it was the first time since January 2021 that the overall value of the cryptocurrency market fell below $1 trillion.
Moreover, the crisis prompted notable internal changes within Celsius. The Chief Financial Officer (CFO), Rod Bolger, resigned from his position and was succeeded by Chris Ferraro. Additionally, the company implemented workforce reductions, leading to a 25% staff layoff shortly thereafter.
The bankruptcy filing and CEO resignation One month after implementing the freeze on customer withdrawals, Celsius proceeded to file for Chapter 11 bankruptcy on July 13, disclosing a $1.2 billion deficit on its balance sheet.
Subsequently, on September 27, 2022, CEO Mashinsky made the decision to step down, acknowledging the company’s inadequate asset deployment choices. Chris Ferraro, who had assumed the role of CFO, was appointed as the interim CEO in response.
The confluence of factors behind Celsius Network’s collapse The downfall of Celsius Network can be attributed to a series of detrimental decisions and unfavorable market conditions. It all commenced with the collapse of LUNA, which was succeeded by an issue of excessive leveraging. Ultimately, the situation culminated in inadequately executed WBTC and ETH/stETH positions, resulting in a complete lockdown of their platform.
Legal tussle with crypto blogger Tiffany Fong During its tumultuous period, Celsius found itself entangled in a legal dispute involving crypto blogger Tiffany Fong. Fong, who happened to be a creditor of Celsius, faced accusations of publicly disclosing confidential company information on her social media platforms.
Celsius Network’s legal team has invested substantial time and resources into investigating the reported information leak brought forth by Fong, while also preparing for potential legal proceedings.
While no formal legal action has been initiated as of now, Fong’s revelations have raised considerable concerns due to the disclosure of sensitive information. This includes details about corporate bids for Celsius assets, confidential internal discussions, and executives’ transactional activities.
In a tweet posted on June 12, Fong sarcastically taunted Celsius Network, offering a faux-apology for the leaks and expressing gratitude to the company for “utilizing my funds to attempt to sue me.”
Fahrenheit acquires Celsius Network According to recent court filings , Celsius Network was acquired by the cryptocurrency consortium Fahrenheit on May 26.
After an extensive auction process, a consortium comprising entities like venture capital firm Arrington Capital and miner US Bitcoin Corp emerged as the winning bidder. The Blockchain Recovery Investment Consortium was also present as a backup during the proceedings.
The acquisition terms grant Fahrenheit ownership of several Celsius assets, including the institutional loan portfolio, staked cryptocurrencies, mining unit, and additional alternative investments. To finalize the deal, the group is required to deposit $10 million within three days.
Although the bid has been accepted by both Celsius and its creditors’ committee, regulatory approval is still necessary to complete the acquisition.
Furthermore, the agreement includes plans for US Bitcoin Corp to construct various crypto mining facilities, including a new 100-megawatt plant. As part of the transaction, Fahrenheit is expected to receive approximately $450 to $500 million in liquid cryptocurrency.
As Celsius embarks on a new chapter with Fahrenheit, the success of both entities and the broader crypto industry becomes crucial, especially for those navigating similar challenges.
The road ahead The trajectory of Celsius Network, from its ascent to its decline, serves as a cautionary tale, illustrating the rapid shifts in fortunes within the unpredictable realm of cryptocurrencies. Now, with Fahrenheit’s acquisition, there is a glimmer of hope for the beleaguered company, offering a potential path forward.
Nevertheless, only time will reveal whether the new entity can learn from the mistakes of its predecessor and genuinely fulfill the potential of decentralized finance (DeFi).