The collapse of Celsius Network
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 19 September 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Markets are increasingly betting on policymakers raising borrowing costs higher and faster, an FT-IGM survey shows economists expect the US central bank will lift its benchmark policy rate above 4 per cent and hold it there beyond 2023, and the market downturn has sparked the longest tech IPO drought in more than 20 years. Plus, the FT’s Kadhim Shubber talks about his investigation into the fall of high flying cryptocurrency lender Celsius Network.
Mentioned in this podcast:
Central banks set to hit peak rates higher at faster pace
Fed to keep interest rates above 4% beyond 2023, economists predict
Market downturn brings longest tech IPO drought in decades
Inside Celsius: How one of crypto’s biggest lenders ground to a halt
Alex Mashinsky took control of Celsius trading strategy months before bankruptcy
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equino, the UK's energy partner. |
| 0:06.3 | Learn more at equino.co.uk. |
| 0:09.8 | Good morning from the Financial Times. Today is Monday, September 19, |
| 0:13.7 | and this is your FT News Briefing. |
| 0:17.8 | Markets are bracing for several big interest rate moves this week. |
| 0:21.5 | Tech IPOs have gone AWOL, and we'll take a look inside Celsius Network. |
| 0:26.1 | That's the multi-billion dollar cryptocurrency lender |
| 0:29.3 | that's now in bankruptcy. |
| 0:30.9 | And one of the things I've heard over and over in reporting is |
| 0:34.2 | from much of the company's history, internally they found it difficult to |
| 0:38.7 | understand why assets they had easily. |
| 0:42.1 | The FT's Codham Schubert will tell us about his investigation into the company's collapse |
| 0:46.7 | and who's gotten burned. |
| 0:48.9 | I'm Jess Smith in from Mark Filipino, and here's the news you need to start your day. |
| 0:52.9 | This week policymakers are meeting at the Bank of England and the Central Banks of Norway, |
| 1:02.0 | Sweden and Switzerland. Oh yes, and the US Federal Reserve. They'll be talking about interest rates, |
| 1:08.0 | and we don't know exactly what they'll do, but we do know that markets are expecting |
| 1:12.6 | faster and more aggressive rate hikes. Here's the FT's Colby Smith. |
| 1:17.4 | Well, we've heard from various central bankers harkening back to the 70s and 80s |
| 1:23.4 | when inflation was running out of control and how destabilizing that situation was. |
| 1:28.8 | And what we hear is that mistake cannot be made again. |
| 1:32.9 | And so essentially central bankers hold this incredibly high conviction that they need to get |
... |
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