Celsius CEO comes out of hiding

Plus Three Arrows Capital not looking so hot, Coin Gecko adding new features and more.

June 16, 2022

MUSHROOM ALPHA

Thursday. We are almost to the end of another crazy week in crypto. First Celsius now Three Arrows capital. What is next? Luna feels like a million years ago.

Our recommendation is: Get some exercise, take a walk, get some sun, and rest up.

Today's Topics:

  • Celsius CEO comes out of hiding

  • Three Arrows Capital runs out of arrows

  • CoinGecko considering adding token supply vesting

  • Quick Links

Celsius CEO comes out of hiding

A few days after Celsius cut all withdrawals the CEO tells us the team is working non-stop. Hmm, ok but that still does not unlock the ability to take money out. Throw the people a bone?

Quick Timeline:

  • Sunday: Celsius pauses withdraws and lets customers know they need to do this to remain solvent. Celsius native token takes a plunge. Issues with Lido's Staked Ether (stETH) are the culprit. As crypto took a left hook stETH lost its peg and now here we are.

  • Monday: Team is looking for financing options to bail them out.

  • Tuesday: They hire a law firm to help them restructure financing.

  • Wednesday: CEO breaks silence on Twitter.

Previously the company was valued at $3.5 billion last November. This is an epic fall from grace. Not as bad as the Luna debacle but let's call it 2nd place?

What people want to know?

When can they get their funds out?

TBD.

Three Arrows Capital runs out of arrows

When it rains it pours. Hot on the heels of the Celsius news rumors are swirling that Three Arrows Capital (3AC) might be insolvent. 3AC is one of the largest crypto hedge funds with $10B under management near the peak.

Analysts are pointing at two massive loans possibly tied to 3AC. If these get liquidated the bad news for the market might get worse. Let's call this a possible Black Swan event.

Yesterday 3AC was dumping assets to keep the two loans from getting liquidated. One analyst mentions if ETH hits $1,042 then one of the loans would be liquidated.

More news on this as it leaks.

CoinGecko considering adding token supply vesting

Why does this matter?

Know when whales are about to dump their tokens.

The CoinGecko team manually gathered the data for 5 tokens and are looking for product feedback. More tokens will be added if the demand is there.

Love that the founder is doing Product Management 101. Launch then iterate.

Quick Headlines

Nansen launches messaging app to take on Discord - Have you used Discord lately? Tons of spam. We hope Nansen can solve this.

Benjamin Delo a co-founder of BitMEX get 30 months probation - No home confinement so beach days are still a possibility.

Forta a crypto security firm launches FORT token - The token will be used to reward people for helping to secure the Forta network.

Tag Heuer smartwatches can now show off your Bored Apes - Can't say we love the timing but if you got a Bored Ape why not?

MetaMask and Phantom wallets patch security bug - Sometimes your secret recovery phrases were stored on disk unencrypted. Now fixed.

Kraken CEO not down with woke culture - If you are not happy at Kraken then they are showing you the door.

Funding News:

NFT Port Raises $26M - The team works on NFT infrastructure

Regulation:

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.