Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Saturday, July 15th, and that means it's time for the weekly recap.

Before we get into that one quick note, I say it every day, but you really should come join us on the Breakers Discord.

That link is bit.ly slash breakdown pod, but man, there is a lot to discuss right now.

And especially after the last couple days,

if you're not there yet, this is the time to jump in. Now, getting to today's show, somehow,

it's been so busy that it's been two or three days, I don't even know, I've lost track of time,

since Celsius's CEO Alex Machinsky was arrested, and somehow we're only just now getting to it. But oh boy, are we getting to it?

So let's dive in. On Thursday morning, former SELCSCEO Alex Mishinsky was arrested.

Mishinsky has been charged with seven counts relating to securities and commodities fraud,

wire fraud, and market manipulation. The SEC and CFTC also piled on filing lawsuits,

alleging fraud, unregistered dealings, and market manipulation.

Mishinsky was granted bail on a $40 million bond secured by his New York City home after entering a plea of not guilty. He will be restricted from traveling and opening new bank and crypto accounts as he awaits

his trial. SELCES chief revenue officer Ronnie Cohen-Payvon has also been charged with four counts of fraud and market

manipulation. Lastly, in addition to traditional financial regulators, the FTC, Federal Trade Commission,

has also taken part in this joint prosecution. Using their authority to regulate Celsius to enter into a

$4.7 billion settlement with the company, which will cover in more detail in just a moment.

Now, all of these charges relate to the dramatic collapse of Celsius in July of last year.

The crypto lending platform has since filed for bankruptcy, with 600,000 creditors claiming

to be owed in excess of 4.7 billion. The bankruptcy process has been tumultuous,

with claims that Mishinsky and his family had withdrawn $44 million

...