A short timeline of events regarding Celsius downfall, people involved and the take away we can get from this

After recent news that documents containing user information were publish during Celsius proceedings, I wrote a small timeline

​

• April 12, 2022 - First cracks

  Aimed towards US, only accredited US investors, those that have minimum annual income of $200,000 or net worth over $1m will be able to add new assets and earn rewards on Celsius' Earn platform

​

• April 30, 2022 - Mashinsky posts that he is writing a book on web 3.0, seems to not be fazed by anything

​

No worries here

• May 9 - 11, 2022 - Luna depeg, Celsius denies claims of contributing to the collapse. Several wallets including one from Celsius' activity seem to led to imbalances in the Curve liquidity protocols, Celsius removes over $500m from Anchor protocol

Celsius was locking funds in Anchor protocol for %19.5 yield while giving customers 14.%, through a complex process

​

• May 12, 2022 - Mashinsky starts withdrawals

https://preview.redd.it/khmz5323irs91.jpg?818&format=pjpg&auto=webp&s=8098dc139c0bebd34b3a99c9145ec17c8eaa4883

• May 31, 2022 - Mashinsky's wife Krissy Mashinsky withdraws $2.7m

​

Thanks for your $ plebs

• Between May and June 2022, Execs, Daniel Leon, Nuke Goldstein and other entities connected to them withdraw funds making a total sum up to $42m

​

• June 13, 2022 - Celsius halts users withdrawals

Asking users for more time to fix issues - hm.....

​

• July 13, 2022 - Celsius files for bankruptcy

​

• September, 2022 - Krissy Mashinsky's USA Strong company starts selling "Unbankrupt Yourself", "-273 Celsius" T-SHIRTs

​

Rubbing salt on the wound, narcissist or pure psychopath

​

https://preview.redd.it/u690snc3lrs91.jpg?634&format=pjpg&auto=webp&s=fde00896a6d67482d000073262be1cc334dd64d6

Laughing in people faces while so many people are left in misery

• October, 2022 - US Trustee William Harrington objects Celsius motion to redact names and addresses and so A 14,000-page document detailing every user's full name, linked to timestamp & amount of each deposit/withdrawal/liquidation has been published during procedure for Chapter 11

So more more shit show regarding Celsius even though they tried to stop it due to concerns for user's identities and safety

​

Thank you, this wouldn't be possible without you guys!

Guess moral of the story is ultimately - "Not your keys, not your Crypto" and investing in hardware wallet and evading firms like this in the future. Lending or storing our coins to people with let's say questionable morale for that crazy APY. Hopefully in the next bull market we can warn new people in time