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There's a theory 'out there' that there's a coordinated effort to damage Celsius due to Celsius' pulling out of a deal, with a group of other crypto enterprises

There's a theory 'out there' that there's a coordinated effort to damage Celsius due to Celsius' pulling out of a deal, with a group of other crypto enterprises, to work towards saving Terra/Luna during the early stages of the de-pegging (which resulted in the much publicised death spiral of loss of ~$100B of investment). Celsius pulled out of this deal to 'protect their community'. In fairness this action did protect both themselves and their community from any large losses due to the Terra/Luna incident, but it appears that other members of the group of crypto enterprises that did sustain larger losses are (understandably?) significantly salty at Celsius for pulling out of said deal. True or not, a healthy business can sustain a coordinated attack, and if Celsius doesn't survive then it just means they got their risk analysis wrong for such an edge case. Standard business decision fine-line walking between risk and reward falling off the wrong side. Maybe Celsius were the first one's to realise that attempting to save Terra/Luna was a fool's errand in the first place, or maybe Terra/Luna could have been saved if Celsius hadn't have pulled out. Given what's come out about Do Kwan since, I'd be guessing the former.

alphabettsy 4y ago
This sounds like a typical WSB/Crypto conspiracy. Is this from Reddit?
- BLKNSLVR 4y ago
  There's a fine (sometimes invisible) line separating crypto news and reddit posts.
Jasper_ 4y ago
They're dead. Pausing during a market when people want to withdraw before they lose everything means a bank run as soon as the withdrawals reopen. They know this, and they know that we know this, and conspiracies like this are from people unwilling to accept the obvious truth: They announced their death when they paused withdrawals, and the jig is up.
- BLKNSLVR 4y ago
  Not really disputing that, just mentioning that it may well have been a well coordinated targeted attack. If they're dead, then it was a successful attack, and notice should be taken by all industry players as to whose accurately swinging baseball bats at their perceived enemies / competitors. Mergers and acquisitions by bankruptcy proceedings and the consolidation of power by the already powerful. Somewhat ironic if that's the case, playing out in the cryptocurrency arena.
  - happyopossum 4y ago
    > just mentioning that it may well have been a well coordinated targeted attack What kind of “attack” are you imagery that made them insolvent (or close enough to it)? They’re not uniquely impacted by any particular crypto crashes, so it’s hard to see how something could have been engineered to take them out.
    - BLKNSLVR 4y ago
      I can only provide an oversimplified explanation, but the mass-selling of particular assets to which Celsius is over-exposed in order to trigger price dumping and therefore asset liquidations. stETH as the primary vector. There may also be a Celsius-token short-squeeze being coordinated in order to help Celsius maintain some level of perceived value. Who knows the reality, but it's interesting in a financial-trickery context.
  - cuteboy19 4y ago
    Why must it have been an attack? And even so why don't Celcius take responsibility? When 2008 happened did we blame Mr. Burry for his big short or did blame the banks for taking such obscene risks in the first place?
SantalBlush 4y ago
This, right here folks, exemplifies the weird cultural phenomenon of company fandom that we see so often on the internet. Celsius not only rips people off, but ordinary people then create a dramatic narrative of how that company was actually looking out for them! It reminds me of the sort of person who believes they share some emotional connection with their favorite celebrity. With delusions like these, is it any wonder how powerful people can get away with so much? This isn't directed at you, but at whomever made this story up.
- BLKNSLVR 4y ago
  Yeah, no offence, I'm just 'reporting'. In regards to this: > people then create a dramatic narrative of how that company was actually looking out for them! That's actually what the Celsius CEO, himself, said, against accusations that Celsius was hiding losses due to Terra/Luna collapse.
  - prirun 4y ago
    > That's actually what the Celsius CEO, himself, said CEO has to decide between: a) tell the truth: we don't have your money b) lie: everything is fine and we're protecting your money When people say something, try to understand what would be best for them. Therein lies the truth.
- cuteboy19 4y ago
  Exactly, crypto not only tolerates scammers, it incentivses them. Imagine defending the guys who rugged you. All this tells me is that I too should launch a cryptoscam of my own
Nursie 4y ago
That sounds exactly like the “Citadel did it!” blame story that surfaced within a day after Terra collapsed. Despite it having been visible for weeks that something was going down, no, it was evil hedge-funds that killed it. It’s just conspiracy thinking.

alphabettsy 4y ago

This sounds like a typical WSB/Crypto conspiracy. Is this from Reddit?

BLKNSLVR 4y ago
There's a fine (sometimes invisible) line separating crypto news and reddit posts.

Jasper_ 4y ago

They're dead. Pausing during a market when people want to withdraw before they lose everything means a bank run as soon as the withdrawals reopen. They know this, and they know that we know this, and conspiracies like this are from people unwilling to accept the obvious truth: They announced their death when they paused withdrawals, and the jig is up.

BLKNSLVR 4y ago
Not really disputing that, just mentioning that it may well have been a well coordinated targeted attack. If they're dead, then it was a successful attack, and notice should be taken by all industry players as to whose accurately swinging baseball bats at their perceived enemies / competitors. Mergers and acquisitions by bankruptcy proceedings and the consolidation of power by the already powerful. Somewhat ironic if that's the case, playing out in the cryptocurrency arena.
- happyopossum 4y ago
  > just mentioning that it may well have been a well coordinated targeted attack What kind of “attack” are you imagery that made them insolvent (or close enough to it)? They’re not uniquely impacted by any particular crypto crashes, so it’s hard to see how something could have been engineered to take them out.
  - BLKNSLVR 4y ago
    I can only provide an oversimplified explanation, but the mass-selling of particular assets to which Celsius is over-exposed in order to trigger price dumping and therefore asset liquidations. stETH as the primary vector. There may also be a Celsius-token short-squeeze being coordinated in order to help Celsius maintain some level of perceived value. Who knows the reality, but it's interesting in a financial-trickery context.
- cuteboy19 4y ago
  Why must it have been an attack? And even so why don't Celcius take responsibility? When 2008 happened did we blame Mr. Burry for his big short or did blame the banks for taking such obscene risks in the first place?

SantalBlush 4y ago

This, right here folks, exemplifies the weird cultural phenomenon of company fandom that we see so often on the internet. Celsius not only rips people off, but ordinary people then create a dramatic narrative of how that company was actually looking out for them! It reminds me of the sort of person who believes they share some emotional connection with their favorite celebrity. With delusions like these, is it any wonder how powerful people can get away with so much? This isn't directed at you, but at whomever made this story up.

BLKNSLVR 4y ago
Yeah, no offence, I'm just 'reporting'. In regards to this: > people then create a dramatic narrative of how that company was actually looking out for them! That's actually what the Celsius CEO, himself, said, against accusations that Celsius was hiding losses due to Terra/Luna collapse.
- prirun 4y ago
  > That's actually what the Celsius CEO, himself, said CEO has to decide between: a) tell the truth: we don't have your money b) lie: everything is fine and we're protecting your money When people say something, try to understand what would be best for them. Therein lies the truth.
cuteboy19 4y ago
Exactly, crypto not only tolerates scammers, it incentivses them. Imagine defending the guys who rugged you. All this tells me is that I too should launch a cryptoscam of my own

Nursie 4y ago

That sounds exactly like the “Citadel did it!” blame story that surfaced within a day after Terra collapsed. Despite it having been visible for weeks that something was going down, no, it was evil hedge-funds that killed it. It’s just conspiracy thinking.