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.

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What's going on, guys? It is Tuesday, January 31st, and today we are talking about the new

Independent Examiner Report coming out around the Celsius bankruptcy. Before we dive into that,

however, if you are enjoying the breakdown, please go subscribe to it, give it a rating,

give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to

bit.ly.L.Y slash breakdown pod. All righty, and a quick note before we dive into today's topic,

I'm sure at this point you have heard about ordinals, which is the quote-unquote controversy of

NFTs coming to Bitcoin, or

perhaps re-entering Bitcoin is a better way to put it. I think that the Ordinals conversation

is absolutely fascinating. There is a technical dimension of it in terms of what changes to

Bitcoin over the last few years have enabled it. There is a huge Bitcoin cultural dimension to it in terms of how

different parts of the community are reacting. There is a censorship debate issue. There's a long-term

security debate issue. So all of this is to say that this show is definitely coming, but there's

so much that I wanted to parse through that I decided I wanted to hold off for at least one more day.

Now, in the meantime, the independent examiner in the Celsius bankruptcy just dropped some

absolute bombs in a filing first thing this morning, so that's where we're going to start.

The report is 476 pages long and comes from Chobo Palae, the examiner who was appointed to be a completely

independent voice. To read the reporting around it, the banner headline is that it effectively

accuses Celsius of having been a Ponzi, using new customer deposits to pay for old customer

withdrawals. People are just starting to dissect it, and I'm drawing from a number of those

...