Giving Up the Ghost? It’s Chapter 11 Time for Celsius

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 15 July 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Chainalysis, FTX US and Ava Labs. On today’s episode, NLW covers Celsius moving into Chapter 11 bankruptcy proceedings. This move has been anticipated for some time, but in advance Celsius sought to repay as many of its DeFi loans as possible. Also covered is a small but important decision in the Securities and Exchange Commission’s lawsuit against Ripple. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Ava Labs releases Core, the free, non-custodial browser extension, built for the power of Avalanche. Core is an all-in-one operating system bringing together Avalanche apps, Subnets, bridges and NFTs in one seamless, high-performance experience. Eager to start using Web3 dapps to their fullest potential? Download today at core.app! - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “The Now” by Aaron Sprinkle. Image credit: Cemile Bingol/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Thursday, July 14th, and today we are back on the
0:28.7	crypto side of the house with the latest on Celsius's imminent bankruptcy proceedings.
0:35.0	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:38.5	to it, give it a rating, give it a review, or if you want to dig deeper into the conversation,
0:43.4	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash
0:48.3	breakdown pod. Also, a disclosure as always. In addition to them being a sponsor of the show,
0:53.9	I also work with
0:54.8	FTX. Lastly, this week, I am very pleased to welcome Ava Labs as an additional sponsor.
1:02.3	Did you know that you can bridge Bitcoin natively across the Avalanche Bridge to take advantage
1:06.9	of the growing DFI ecosystem on Avalanche, this is just one of the innovative features of
1:11.2	Core, the new non-custodial browser extension and wallet developed by Ava Labs.
1:15.9	Core is engineered for Avalanche users to have the most secure and seamless Web3 experience.
1:20.8	Easily swap assets, display your NFTs in style, and store your assets in a ledger-enabled
1:25.8	wallet. Plus, you can put real dollars in your
1:28.4	core wallet in just a few clicks. Go to core.com to access the full power of Web3 on Avalanche.
1:35.5	Well, friends, it appears that we have fallen into a bit of a pattern, haven't we? One day, there is
1:41.2	some big macro news that makes us pay attention to the larger Tradfai context.
1:46.7	And then the next day, of course, we have to race back over to crypto to catch up on some big
1:50.6	thing that happened here that's shaping internal narratives.
	...

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