WHEN IS THIS GOING TO STOP?!
Yet another failure: Celsius is filing for bankruptcy.
Coo! It’s me, Crypto Owl. Thursday’s fact: today is national shark awareness day. So, I friendly remind you to avoid sharks, but never the crypto news, even though they are a little bit sharpy in this bear market (you see - as shark teeth).
On Today’s Menu:
🍝 MAC AND CHEESE: Celsius Is Down. What’s going to be Now?
🍩 DESERT OF YOUR CHOICE: Crypto Winter Is Not Implying For Cryptopunks
CELSIUS IS DOWN. WHAT’S GOING TO BE NOW?
This is it. Another fallen crypto platform, joining 3AC and Voyager Digital.
If you’re interested in the Celsius story (because I was updating it), you can read it here, here, here, and here.
The source, who announced this information is unknown, but, apparently, Celsius filed for Chapter 11 (which means that platform can still stay in the game and restructure its obligations) bankruptcy.
What happened?
A not long time ago, Celsius changed its law firm to Kirkland & Ellis LLP - the same firm that assisted Voyager Digital with its bankruptcy filing;
On the 12th of July, Vermont's Department of Financial Regulation (DFR) announced that Celsius could be unable to return funds to the customers and accused the platform of being risky towards its users. DFR also reminded customers that Celsius is not licensed to offer services in the state;
On the 13th of July, Celsius closed off its final debts (initial debt was around $820 million in total) for Aave, Compound, and Maker. The same day Celsius filed for bankruptcy;
Celsius said it aims to use $167 million to continue specific operations for the restructuring of the process and the platform, and return value to customers;
However, it doesn’t change the fact that customers and depositors can be left with nothing, because their funds are still locked on the lending platform. So, no guarantees. Celsius CEO Alex Mashinsky said that this is the “right decision for our community and company.”
Now the community is talking that this Celsius situation is similar to what happened once for the biggest crypto exchange platform Mt. Gox in 2014 (Owl is going to write an interesting story about this historical event, so don’t miss it!).
The Koinly head of tax Danny Talwar said, “This could be Mt Gox 2.0. Court proceedings may drag out the process of Celsius customers receiving any of their deposits back well into the future.”
That would be very bad. But not surprising if you know all the facts.
This is the whole statement from the company, check it out:
According to this statement, the “first-day” motion will be for paying for employees and continuing their benefits without disruption. But the company “is not requesting authority to allow customer withdrawals at this time”. Told you, no guarantees.
CRYPTO WINTER IS NOT IMPLYING FOR CRYPTOPUNKS
Now it’s summertime (except in Australia). In the crypto world, it’s a long and frustrating enough winter. These are facts and everybody knows it.
But for CryptoPunks - well, they’re not afraid of snowy storms. Because they just sold a single NFT for 2,500 ETH, or over $2.6 million. Yowza.
If you’re wondering which one NFT is sold, here you go:
So, I guess, it doesn’t matter if the whole crypto is in a deep bear market. If you find some NFT desirable, why not buy it for a million or two. Or almost three.
This #4464 Ethereum NFT has specific features such as a vape pen, an eye mask, and a durag. And it makes the NFT quite special because it’s one of 24 apes in the whole 10,000 profile pics.
According to statistics, this particular ape is the largest NFT sold over the last 30 days.
Well, at least there is some great news for CryptoPunks!
MORE CRYPTO NEWS AROUND THE WEB
COCA-COLA
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