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Crypto’s frozen mystery: The fate of billions in Celsius deposits
- favflam 4y agoSo, it is legal to run a bank without applying for a charter so long as the deposits are not US dollars? It doesn’t seem like a gray zone to me, but black and white. I would have assumed I would have gone to jail before receiving a single deposit. I am quite disappointed, in authorities for uneven application of the law and people for being duped so easily.
- dragontamer 4y agoI guess there's still not much to report on. A lot of sob-stories of people locking up their life savings in this crap, but no explanations how or why Celsius lost its ability to guarantee the funds of its customers. There's a bit of history about where this Celsius company came from in 2018 that tickled my curiosity, but nothing about the fundamental issue at play here. Then again, with Celsius keeping their lips shut, I guess there's no story until investigators force it out of them.
- cyanydeez 4y agoI mean, besides it being. A. Scam.
- dragontamer 4y agoSure sure. But money doesn't just disappear. It moves around and gets reallocated. Maybe all $8 Billion was lost in ETH gas fees for instance. I see that WashPo tracked at least some of the money to Terra/Luna disaster from last month. But there's still a lot of money on the books that need some explaining.
- cyanydeez 4y agoBut it's not money, it's beanie babies.