Alex Mashinsky Celsius Network Alex Mashinsky Celsius Network

Why the crypto winter could be a Lehman moment

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When a traditional bank fails, a SWAT team of regulators swoops in, winding it down in secret and preventing a panic that could spread throughout the financial system.

In cryptocurrency banking, the demise happens in full public view — and there is no regulatory SWAT team to keep the markets calm.That story unfolded this past week as Celsius Network, a major crypto lender that had more than $11bn in deposits, froze withdrawals. “Celsius has billions in liquidity,” chief executive Alex Mashinsky said publicly on Friday, 1o...

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