David Gerard and I just posted another update on the crypto crash. This one is on his blog, so head on over there and check it out!

If you like our work, please do sign up for our Patreons — here’s mine, and here’s David’s.

In our latest episode of the CeFi/DeFi apocalypse, Celsius filed for Chapter 11 bankruptcy. In the filings presented, the firm has a $1.2 billion hole in its balance sheet. Celsius’ liabilities are real — but its assets are fake. 

Meanwhile, Celsius founders have already made a fortune selling their CEL tokens.

We’re sure it’s all fine though. They probably just need to issue a new token to fix the problem. 

Look, just because:

• Ethereum is down 66% from its highs
• All of DeFi “yield” ended up being a Ponzi scheme
• NFT “art” ultimately was just speculation
• The biggest real world use-case of crypto is *still* buying cocaine online

Doesn’t mean that web3 isn’t gonna happen

— Nikita Bier (@nikitabier) June 11, 2022