Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto - Ep. 364
Unchained17 Jun 2022

Why Possible Insolvencies by Celsius and 3AC Could Spell Disaster for Crypto - Ep. 364

Mika Honkasalo, independent crypto researcher, discusses what is happening with Celsius and Three Arrows Capital, the importance of having proper risk management, and the contagion effects on the industry. Show highlights: why is it so significant that Celsius paused withdrawals what is stETH and why is it important to understand the Celsius situation how the Luna/UST debacle started a contagion effect in the crypto space why Celsius’s investors won’t bail the company out what will happen to Celsius’s retail customers what Three Arrows Capital (3AC) is and whether they have a solvency problem how 3AC was levered long and whether they had poor risk management who will be hurt if 3AC goes under what would be the effect of 3AC and Celsius collapsing which types of funds that Mika will be eyeing to see if they also end up in a similar situation to 3AC and Celsius why Mika would counsel anyone who keeps their money with centralized crypto lenders to scrutinize their practices Thank you to our sponsors! Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021 Ava Labs: https://avax.network EPISODE LINKS Mika Honkasalo Twitter: https://twitter.com/mhonkasalo Substack: https://mhonkasalo.substack.com/ Mika’s writings on The Block: https://www.theblockcrypto.com/author/mika-honkasalo Mika’s blog post on the stETH-ETH peg: https://mhonkasalo.substack.com/p/stetheth-peg-not-a-peg-presents-a?s=r Celsius announcement that they would be withholding assets: https://twitter.com/CelsiusNetwork/status/1536169010877739009?s=20&t=hL-ZsBSKZOLF-whTwNmjgw Nexo’s offer to buy Celsius assets: https://twitter.com/Nexo/status/1536256598993211393?s=20&t=vKmJCZGNToaOqZU-TEjcDg Celsisus’s investors unlikely to bail out company: https://www.wsj.com/articles/celsius-networks-investors-unlikely-to-provide-more-funds-to-bail-out-crypto-lender-11655395113 Celsius hires restructuring lawyers: https://www.wsj.com/articles/crypto-lender-celsius-hires-restructuring-lawyers-after-account-freeze-11655250575?tpl=br Why staked ETH is part of Celsius’s and 3AC’s woes: https://www.coindesk.com/markets/2022/06/14/staked-ether-becomes-focus-of-crypto-stress-from-celsius-to-three-arrows/ Conor Ryder on the stETH liquidity problem https://twitter.com/ConorRyder/status/1537130483007508480?s=20&t=pZGZf17ed_DyOS18CHExmQ The DeFi Edge on the 3AC situation: https://twitter.com/thedefiedge/status/1537465349976694786?s=20&t=Q29mo3EKSASasTenHVEm4Q Who else has exposure to 3AC: https://fortune.com/2022/06/16/crypto-crash-hedge-fund-three-arrows-capital-insolvency-rumors-novogratz/ 3AC withholding $1M in assets from 8 Blocks Capital: https://twitter.com/Danny8BC/status/1537224378554806272?s=20&t=Q29mo3EKSASasTenHVEm4Q Meltem Demirors explains the problem from the balance sheet perspective: https://twitter.com/Melt_Dem/status/1537155214897201153?s=20&t=Q29mo3EKSASasTenHVEm4Q Adam Levitin on Celsius bankruptcy https://twitter.com/AdamLevitin/status/1536932912674836481?s=20&t=Q29mo3EKSASasTenHVEm4Q degentrading on Why Celsius and 3AC going under should cause you to worry https://twitter.com/hodlKRYPTONITE/status/1536902115540742144?s=20&t=Q29mo3EKSASasTenHVEm4Q Learn more about your ad choices. Visit megaphone.fm/adchoices

Episoder(1094)

Is The IRS Justified In Demanding Information On Millions Of Bitcoin Users?

Is The IRS Justified In Demanding Information On Millions Of Bitcoin Users?

The IRS found three entities using bitcoin to evade taxes and has now demanded the records of millions of users at Coinbase, the largest U.S. cryptocurrency exchange. An accountant and an attorney spe...

24 Jan 201751min

What Is One Of The World's Largest Derivatives Exchanges Doing With Bitcoin?

What Is One Of The World's Largest Derivatives Exchanges Doing With Bitcoin?

CME Group handles three billion contracts worth about $1 quadrillion annually. So why is it making a foray into bitcoin, whose market capitalization is a mere $16 billion? Sandra Ro, CME's head of dig...

10 Jan 201745min

Federal Prosecutor Kathryn Haun On How Criminals Use Bitcoin -- And How She Catches Them

Federal Prosecutor Kathryn Haun On How Criminals Use Bitcoin -- And How She Catches Them

Kathryn Haun put away the DEA and Secret Service agents who tried to make off with more than $800,000 in stolen bitcoin while investigating the darknet Silk Road marketplace. She talks about how the b...

1 Nov 201645min

How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law

How Coin Center Is Helping Define The 'Big Fuzzy Gray Area' Of Blockchain And Cryptocurrency Law

As blockchains and cryptocurrencies evolve, there are times when the technology outpaces the law. That's when Coin Center steps in. The non-profit, which represents the technology, not the industry, a...

18 Okt 201650min

What Does Cornell’s Emin Gun Sirer See As The Main Security Threats In Cryptocurrency? ‘Everything’

What Does Cornell’s Emin Gun Sirer See As The Main Security Threats In Cryptocurrency? ‘Everything’

Cornell University computer science professor Emin Gun Sirer, an influential figure in the cryptocurrency and blockchain space, describes his ideas for improving security in the space, his skepticism ...

4 Okt 201657min

Why A Wall Street Journal Currency Reporter Didn't Understand Money Until He Learned About Bitcoin

Why A Wall Street Journal Currency Reporter Didn't Understand Money Until He Learned About Bitcoin

Michael Casey, senior advisor at MIT's Media Lab and author of the Age of Cryptocurrency, spent 18 years at the Wall Street Journal -- a good portion of that covering currency markets. But he says it ...

20 Sep 201656min

Why Tyler And Cameron Winklevoss Fell In Love With Bitcoin

Why Tyler And Cameron Winklevoss Fell In Love With Bitcoin

Tyler and Cameron Winklevoss, CEO and President, respectively, of cryptocurrency exchange Gemini, talk about the importance of regulation in a sector once associated in popular culture with illicit ac...

6 Sep 201655min

Blockchain 101 With Andreas Antonopoulos: How Bitcoin Makes Each Of Us As Powerful As A Bank

Blockchain 101 With Andreas Antonopoulos: How Bitcoin Makes Each Of Us As Powerful As A Bank

“Shifting from a perspective of 'only humans control money' to 'machines and software control money' is really radical and it changes a lot of things,” says the popular blockchain and Bitcoin author a...

23 Aug 201653min

Populært innen Politikk og nyheter

giver-og-gjengen-vg
aftenpodden
aftenpodden-usa
stopp-verden
forklart
popradet
lydartikler-fra-aftenposten
det-store-bildet
rss-gukild-johaug
fotballpodden-2
rss-ness
dine-penger-pengeradet
i-retten
nokon-ma-ga
hanna-de-heldige
aftenbla-bla
frokostshowet-pa-p5
grasoner-den-nye-kalde-krigen
rss-dannet-uten-piano
e24-podden