THE HASH: Celsius Network CEO Says Bankruptcy Filing 'the Right Decision' and Polygon Joins Disney’s Accelerator Program
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 14 July 2022
⏱️ 28 minutes
🧾️ Download transcript
Summary
The most valuable crypto stories for Thursday, July 14, 2022.
"The Hash" team discusses Celsius Network co-founder and CEO Alex Mashinsky responding to the crypto lender filing for bankruptcy protection by noting in a press release that it's the "right decision for our community and company.” Plus, Disney's latest push into the metaverse.
This episode was edited by Michele Musso and our executive producer is Jared Schwartz. Our theme song is “Neon Beach.”
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Transcript
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| 0:00.0 | This is the hash podcast. |
| 0:10.0 | Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more, with stories that matter to the crypto world. |
| 0:17.3 | All on the hash for your ears. |
| 0:20.5 | You're listening to the Coin Desk Podcast Network. |
| 0:24.7 | Hello, everyone. Welcome to The Hash. If you're watching us, we are on Coin Desk TV. And if you're |
| 0:31.5 | listening to us, we're on the Coin Desk Podcast Network. I'm Jensen Assey. On today's show, we got Will |
| 0:36.9 | Foxley, Adam B. Levine, and Sondali |
| 0:39.2 | Honda. Adam, you're kicking us off with some updates from Celsius. Well, good morning, Jen. |
| 0:45.3 | Today we're jumping right into the deep end after crypto yield giant Celsius declared |
| 0:49.2 | Chapter 11 bankruptcy late yesterday in the Southern District of New York. In a statement released by |
| 0:54.1 | the company along with the news, quote, today's filing follows the difficult but necessary to bankruptcy late yesterday in the Southern District of New York. In a statement released by the |
| 0:54.2 | company along with the news, quote, today's filing follows the difficult but necessary decision |
| 0:58.6 | by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilize |
| 1:02.9 | its business and protect its customers. Without a pause, the acceleration of withdrawals would |
| 1:06.9 | have allowed certain customers, those who were first to act, to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or long-term asset deployment |
| 1:15.5 | activities before they receive a recovery, end quote. And in a statement from co-founder and CEO |
| 1:20.7 | Alex Machinsky, quote, this is the right decision for our community and company. I am confident |
| 1:25.6 | that when we look back at the history of Celsius, |
| 1:32.1 | we'll see this is a defining moment where acting with resolve and confidence serve the community and strengthen the future of the company, end quote. Now, Celsius says that they have $167 million |
| 1:38.0 | in cash on hand and that they will continue to operate, but they won't be allowing customers to |
| 1:42.8 | withdraw. Customer claims, they say, will be addressed through bankruptcy proceedings. |
| 1:47.4 | So, Will, I think let's start with you today. |
... |
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