A few weeks ago 3AC has collapsed and filed for a Chapter 11 bankruptcy. Some reasons have been the LUNA-UST collapse but also a very bad business model of the exchange where the crypto hedge fund basically just borrowed money from many other companies without every repaying that and now even those companies are going bankrupt.
So what did they do with that borrowed money, obviously they used it to improve their project and safety for their customers. Well from the $72M borrowed from Celsius, $50M directly went to the founder Su Zhu and he bought a yacht with that money.
I mean apperantly the project was always supposed to be a total scam and their team never took it serious. Sadly there are still such projects out there so be careful what you trust in.
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